European cryptocurrency brokers heading to regulators to bring the transparency. Traders want clear-cut rules and regulations and greater transparency in the market, so they get the confidence to invest in the market.
London-based eToro and Austra’s Bitpanda exchanges doing great in this to gain confidence and believe that policy like KYC(know your customer) that enforced in the United States would legitimize the market for investors who still remain aside from the market both institutional and mainstream investors.
Coinbase a bitcoin exchange in the US boasts 20 million members on its exchange but too simultaneously working with wall street regulators to keep track of customer activity.
Japan also has done commendable work by issuing the license to cryptocurrency exchanges that meet certain criteria laid down by the FSA of Japan. Brokers in the United States and Japan are required to provide investor data to tax agencies, which could create a conflict of interest with customers.
Co-CEO of Bitpanda said, “We’d be happy to have regulations, so we know where we stand.”
eToro’s Managing Director Iqbal Gandham said “The benefits of regulation are clear. An appropriate framework would serve to both protect consumers, and ensure the longevity and legitimacy of the industry itself.”
Malta which is inviting cryptocurrency exchanges and startups related to blockchain to come and operate in the country is going to dominate the cryptocurrency market and will definitely be a hub of the cryto market as soft regulations attracting the exchanges.
OKEx, which previously was based in China, has its sights set on Malta with plans of redomiciling in the island country and many more are in the queue.