The first regulated crypto exchange to open for testing
Cryptocurrency exchanges have continued to explore new arenas and come up with something big, and this time there’s yet another happy news for crypto users. Liechtenstein based Blocktrade.com has been granted approval by the Financial Markets Authority.
Financial Markets Authority is a member of the European Securities and Markets Authority (ESMA). It is set to be the first regulated exchange to open for beta testing.
The first soon-to-be regulated exchange for crypto assets has opened for beta testing. Blocktrade.com will be regulated under the MiFID II framework, pending approval by the Financial Markets Authority, a member of ESMA (European Securities and Markets Authority).
The exchange platform Blocktrade.com exchange will trade Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Later on, it will also offer crypto Traded Indices, Security Tokens, and Tokenised Assets which will be added gradually in 2018. Blocktrade.com’s exchange is now open for registration and is expected to roll out fully in September.
The CEO of Blocktrade.com, Luka Gubo, said,
“This is an ideal way for regulators across Europe to recognize cryptocurrencies as a new asset class and put in a regulatory framework.”
He further added,
“If an institutional investor wants to invest in cryptocurrencies, they currently have a problem. Where do you send the order to buy? There’s a lot of speculative valuing in cryptocurrencies, so there’s currently no way to lower the volatility — proper regulation is the only way to lower that risk.”
Regulated exchange platforms could have an impact on the value of the assets traded. Some traders believe the U.S. Securities and Exchange Commission (SEC) might introduce a bitcoin exchange-traded fund (ETF). They believe that regulated exchanges might have a positive impact on the crypto and blockchain industry and even the cryptocurrency prices.
As per the website of the firm,
“Until now, crypto trading has been unavailable to financial institutions. Blocktrade.com will be the first trading venue, fully regulated under MiFID II framework. Furthermore, the platform is able to process more than 1 million trades per second and the performance is being improved every day.”
Follow us on Telegram!