In a sector often characterized by speculative noise and rapid market cycles, creating financial infrastructure capable of withstanding and developing requires a special approach. Petr Sergeev, a serial entrepreneur and CEO of Guardarian, a company providing non-custodial payment solutions for Web2 and Web3 businesses, shares what is necessary for long-term construction.
With his Norwegian roots and operational base in Estonia, Sergeev acts as a bridge between traditional finance (Web2) and decentralized technologies (Web3). As a technical founder, he views building the company not as a sprint to capture momentum, but as a calculated engineering discipline focused on regulatory integration, institutional reliability, and systemic efficiency.
As the regulatory environment evolves in Europe and the Middle East, his company is working to establish new banking relationships and obtain regional licenses. In this interview, he sheds light on the realities of operating in a regulated industry, the differences between European and Emirati systems, and explains why infrastructure companies should think beyond just the next market cycle.
Cryptocurrency companies have competed for years based on speed, product features, and access to new markets. However, the situation has changed as licensing and compliance have become central elements of the business. Sergeev notes that even with an excellent product, a company may face difficulties in effective operation if it cannot secure banking services, meet regulatory requirements, or build strong partnerships.
For Guardarian, regulation is an integral part of the business model. The strategic plan influences the operations, offered services, partnership structure, and internal development. He emphasizes that technology is only one component of the equation; a legal and operational foundation is also required to support it, which distinguishes financial infrastructure from many other tech enterprises.
Many founders view licensing merely as a cost of doing business. However, Sergeev argues that it becomes a strategic decision regarding where and how a company can grow, and this strategic aspect cannot be ignored because it affects access to banks, types of clients served and partners, and expansion plans.
An incorrect initial setup can create limitations that are difficult to resolve later, requiring business restructuring, changes to the operating model, or building new connections from scratch. The company views licensing as part of the architecture of the company itself, which must support the desired business, rather than just permitting activity in one market.
What needs to be right in a regulatory system for a fintech or crypto company? According to Sergeev, ultimately, the growth of fintech and cryptocurrency infrastructure is driven by trust, although transparency is also critical. A robust structure fosters institutional trust and clearly defines expectations. Financial institutions and traditional partners rely on official regulatory documents, approvals, and continuous oversight before opening bank accounts or integrating payment systems.
The best regulatory frameworks support innovation while maintaining precise guidelines regarding operational responsibility, risk management, and consumer protection. Guardarian has roots in Estonia, and working in the European Union has shaped their compliance approach. For building sustainable financial infrastructure, monitoring major legislative changes, such as the MiCA framework, is crucial. Estonia provided a strong digital foundation, but navigating the evolving EU ecosystem showed that local licenses are just a starting point.
Obtaining CASP (Crypto-Asset Service Provider) authorization under MiCA requires more than just submitting documents; all operational controls, capital reserve requirements, AML management, and policies must meet ESMA criteria. Their compliance-oriented approach was shaped by strict EU scrutiny, ensuring their governance and risk models are ready to provide seamless passporting services across member states as MiCA sets a common standard across Europe.
Expansion into the Middle East, focusing on the UAE, was driven by the fact that while the UAE has created a world-class financial ecosystem, full market entry requires deep commitment to active regulatory compliance through local bodies such as the Virtual Assets Regulatory Authority (VARA) in Dubai. Obtaining relevant VARA FMP (Full Market Product) or VASP licenses is key to effectively serving the region, rather than relying on remote integration. This process involves meeting stringent requirements regarding local governance, operational presence, segregation of client assets, and thorough risk management frameworks. Securing local authorization allows for establishing direct institutional relationships, integrating local fiat channels, and providing long-term, regulatorily compliant infrastructure for the region.
For them, the solution boils down to developing relationships and infrastructure in markets where they see long-term potential, and this is not simply about opening another office.
What are the commonalities between the EU and UAE regulatory systems, and what ultimate goal do they share for the crypto industry? Although the EU (under MiCA) and the UAE (under VARA and Central Bank rules) approach implementation differently, their core objective is identical: to bring trust, transparency, and consumer protection to digital assets through structured oversight. Both systems aim to eliminate regulatory arbitrage by replacing fragmented rules with comprehensive, standardized compliance requirements. Whether in Europe or the Middle East, the goal is the same: establishing institutional-level standards for risk management, capital stability, operational integrity, and AML/CFT compliance. For infrastructure providers, success in both regions depends on building a robust, compliance-focused architecture that connects traditional finance and Web3 with complete legal clarity.
What are Guardarian's immediate priorities in the UAE? Is obtaining a specific license, banking partnerships, or both planned? The priorities are establishing local banking channels and securing necessary regional licenses. Building relationships and infrastructure to support fiat-to-crypto and crypto-to-fiat transactions in the UAE is vital. This involves collaborating with local financial institutions and determining how their non-custodial model fits the market. The goal is to create a reliable link between traditional financial services and digital assets with proper regulatory and operational backing.
You described Guardarian as a non-custodial infrastructure provider. What does this model mean for your regulatory obligations, and where does the responsibility lie between Guardarian, its partners, and the client? The term 'non-custodial' means that, unlike a custodial provider, they do not hold client assets. However, this does not absolve them of responsibility. They must operate within the applicable regulatory framework, maintain appropriate compliance procedures, and cooperate with partners who meet their standards. It is important to clearly define what the business does and what it does not do. Clients must understand how the service works, and institutions must know how the various parties interact.
What could convince you that the crypto industry has finally moved out of the hype and speculation cycle? Companies should be judged more on the quality of their operations than on the market narrative surrounding them. Sergeev would assess their ability to provide reliable services, build long-term financial relationships, and act responsibly in various market conditions. The industry will continue to experience cycles; that is normal. However, it is the companies that build for the long term that will be able to continue serving clients when the market no longer provides easy momentum. This is the kind of business they want to build at Guardarian.
Looking ahead, how is the general attitude of regulators towards the crypto industry changing? What can be expected from regulators and market participants in the coming years? The narrative around cryptocurrency regulation has fundamentally shifted from reactive containment to proactive integration. Regulators no longer view digital assets as a peripheral experiment but as an inevitable evolution of financial infrastructure requiring institutional-level standards. In the coming years, two key trends are expected: first, standardization and passporting. Frameworks like MiCA in Europe and structured VARA licensing in the UAE set global benchmarks. To prevent regulatory arbitrage, regulators in other key jurisdictions are likely to align with these standards, making cross-border compliance more predictable for established players. Second, a shift in perception from compliance as an obstacle to viewing it as a competitive advantage. Days of simply choosing licenses are over for market participants. Priority access to Tier 1 banking channels and institutional funding will be granted to those who invest in strong governance, non-custodial efficiency, and extensive compliance infrastructure. The landscape in the coming years will be defined by convergence: traditional financial institutions will adopt Web3 mechanics, and crypto infrastructure providers will operate with the same rigor, transparency, and operational reliability as classic financial institutions.
