There is progress towards “a middle point closer to regulation than deregulation,” says Camiser.
The success of the industry should be measured by adoption and not financial speculation.
The development of the bitcoin (BTC) and cryptocurrency industry has generated constant tensions between the founding ideals of decentralization and cryptoanarchism, and the progressive corporate structure that seeks to align with global regulatory frameworks.
Sebastián Camiser, who took office in December 2025 as head of growth for Argentina and the Spanish-speaking countries of Latin America on the American exchange Krakenrepresents the vision of the platforms that They prioritize regulatory compliance as the axis of their commercial strategy. His perspective was built from early monitoring of the sector, initially from the university environment.
“I have been following the world of Bitcoin since approximately 2012,” says Camiser, who during that period introduced the analysis of this technology in his chairs at the University of Business and Social Sciences (UCES) and the Austral University.
In an interview with CriptoNoticias, the executive describes a scenario where the concepts differed substantially from the current market offer. «At that time there was no talk of cryptocurrencies, there was talk of bitcoin, there were no cryptocurrencies. So we always talked about the fundamentals of Bitcoin; There were even students at that time who were mining,” he details.
Despite his interest in the subject, his professional activity remained within the traditional fintech sector until 2018, the year in which he operationally joined the Argentine exchange Buenbit, which he defines as his first formal role in the industry.
After going through different financial services firms based on cryptoassets, Camiser was selected by Kraken to lead its expansion in the southern cone.
From his position, the manager has the task of position the company in a market where its historical presence has been smaller compared to its volumes in the United States, Europe or Australia. The objective set for this management is to “expand the Kraken ecosystem” in the region, under the premise that “Latin Americans and, above all, Argentines can benefit from” what he describes as “the most secure cryptocurrency platform in the world.”
The security argument is the pillar commercial that the company uses to differentiate itself from local and international operators. When asked about the support for this statement, Camiser turns to both the platform’s technical history and its regulatory policy.
Camiser mentions that there is recognition of the firm as “the exchange that was never hacked,” but shifts the main focus to the legal structure of the corporation. “Kraken always, in every market where it participates, stands out for being number one in regulatory compliance,” he says.
The Kraken manager explicitly contrasts this model with that of “competitors of Chinese origin” who “had many problems operating in the United States and were banned.” Although it does not say the name of these competitors, it can be inferred that it refers, among others, to Binance. CriptoNoticias has reported the regulatory problems that Binance has had in its first years, which led it to administratively restructure the company, in order to continue operating.
According to Camiser’s exposition, US regulatory demands imply complex processes that Kraken absorbs through direct integrations with NASDAQ, the Federal Reserve (FED) and accounts in the traditional banking system of that country.
Adoption is a priority for Kraken
This orientation towards state supervision and control marks a evident distance from the countercultural narrative and financial resistance that characterized the first years of the ecosystem.
Camiser argues that centralized and corporate custodian environments (custodial) have reached a coexistence with self-custody systems (non-custodial).
I think the two worlds began to converge, and that’s what’s interesting. The world of what we call non-custodial and custodial, centralized and decentralized, were not so friendly before; between 2012 and 2020 they did not get along so well. But what happened post-pandemic was that society realized that one could not live without the other. So, we cannot deny that the origin of crypto is generally on-chain and it will live on the blockchain. Just as the decentralized world understood that this idealization in which everyone was going to operate crypto and no one was going to touch fiat money—where all businesses were going to accept bitcoin or stable currencies—was an idea that was gradually abandoned, we realized that one without the other could not coexist.
Sebastián Camiser, head of growth at Kraken.
Under this institutional approach, Regulation would not be presented as an obstacle, but as a requirement for the massification of digital assets.
Camiser defends the need to establish uniform rules to avoid commercial advantages of actors that operate outside official registries compared to companies that assume the costs of inspection.
“The important thing in the long run is adoption and not anarchism,” says the Kraken representativefor whom the final purpose of technological development must prioritize mass access. Consequently, he predicts that the definitive scenario for the industry will be “a middle point moving towards a little more regulation than deregulation.”
How to compete in Argentina, a market where bitcoin exchanges abound?
The deployment of this strategy in Argentina faces a market with deep roots in local platforms (among which can be named Ripio, SatoshiTango, Lemon and Belo, among others) that have tools adapted to the country’s exchange restrictions and inflation.
Camiser acknowledges that Local companies have advantages associated with local cultural and financial specificitybut it contrasts the solvency of a global infrastructure. “Today, to maintain or hold your assets, your crypto assets or your portfolio within Kraken, there is no exchange that is similar,” he maintains.
The firm’s operational plan includes initially competing by promoting its advanced trading tools, such as Kraken Pro, and then gradually incorporating specific operational adaptations for the Argentine user.
Camiser rules out that the economic complexities of the region could motivate a strategic withdrawal similar to that previously carried out by Coinbase, another American corporation that suspended its local services in pesos shortly after having installed them.
“Argentina and Latin America are key markets for Kraken,” says Camieremphasizing that its function is to ensure the permanence of the platform and expand access to the company’s global services.
In terms of technological offering, Kraken seeks – according to the interviewee – to position itself at the forefront of commercial development. “Kraken doesn’t join trends, Kraken creates trends,” says Camiser, pointing to its performance services (earn) and to the development of solutions that integrate artificial intelligence into financial decision-making processes, in addition to the infrastructure for the tokenization of real-world assets (RWA).
Finally, regarding market fluctuations and bitcoin price cycles, the executive chooses to decouple the financial price from the value of the underlying technological infrastructure.
“I am not a trader,” Sebastián points out, pointing out that users focused on the long term base their activity on the programmed scarcity of bitcoin.
“As there is a limited issuance of the most serious cryptocurrencies, one day that will not be enough for everyone,” he maintains. Given this mathematical configuration, it supports the use of time average purchase strategies or DCA (Dollar Cost Averaging) to mitigate volatility.
For Camiser, the influx of institutional capital has directly connected prices to geopolitical and macroeconomic variables that are beyond the control of the sector, reinforcing his position that The success of the ecosystem should be measured by its levels of real adoption and not by financial speculation.