‘Relationship with Indian regulators is like a long-distance one, slows innovation’: Joe Wilson of unicorn NBFC

Indian regulators need to be more accessible and approachable in order to encourage deeper banking penetration and private sector activity in the banking sector, according to Joe Wilson of Bunq, a Netherlands-headquartered unicorn non-banking financial company.

Speaking on the sidelines of the South Summit 2026, co-organised by IE University in Madrid, Mr. Wilson, previously the Chief Operating Officer and currently the ‘Chief Evangelist’ of Bunq, told The Hindu that there are some regulations and practices in the European Union (EU) that India could fruitfully emulate.

“I think the relationship with the regulatories agencies in the EU is very important,” Mr. Wilson said. “My experience with India was not in a regulated area, but I do understand there’s quite a lot of long distance relationship, meaning you submit things and then someone looks at it and sends it back to you, like a teacher grading your paper.”

“That relationship is very slow for innovation,” he added. “In certain countries in the EU, like the Netherlands or others, you can engage with these regulatory groups directly. You can email, you can have phone calls, you can set up meetings quite quickly. That relationship speeds innovation faster than almost anything else. People get to understand both sides of any issue.”

The other aspect that the EU has implemented that India could benefit from is the policy on cryptocurrencies and stable coins, Mr. Wilson explained. The EU in 2023 implemented its Markets in Crypto-Assets (MiCA) regulation. 

The regulation provides a comprehensive legal framework aimed at standardising cryptocurrency rules across the EU, including licensing requirements for crypto asset service providers (CASPs), issuers, reserve rules for stablecoins, and consumer protection standards.  

“I think stablecoins are going to be a blessing when they’re really easy to do inside of India,” Mr. Wilson said. “I think the MiCA regulation from the EU is something that India could copy. If they were to look at that regulation, I think it’s pretty solid. 

He added, however, that India should perhaps not copy the Genius Act in the U.S., which also deals with crypto regulation, because it is more free and allows more flexibility. 

(The reporter is in Madrid at the invitation of IE University)