The ETERBASE platform has made significant progress in its efforts to become one of Europe’s leading exchanges, with a regulatory assessment from Liechtenstein’s Financial Markets Authority (FMA). Exchanges that are not regulated or in violation of jurisdictional rules will find it more difficult to compete in the long-term.
The Liechtenstein FMA Regulatory Assessment
The Liechtenstein FMA’s declaration that they will not regulate the crypto-to-crypto ETERBASE business model is another positive move for the growing cryptocurrency exchange. Lichtenstein is known as a jurisdiction that is very friendly towards DLT and is something of a blockchain hub.
The FMA further asserted that the issuance of the ETERBASE token (“XBASE”) in its Initial Coin Offering (ICO) was not an activity that was subsumed under a currency exchange. The FMA relied on the legal opinion submitted to the regulator in making its decision not to regulate the cryptocurrency exchange. According to the ETERBASE blog–
“Liechtenstein has followed the legal opinion as submitted to the regulator and does not intend to regulate the crypto-to-crypto business of ETERBASE at this time…This is because ETERBASE will not exchange crypto-to-fiat pairs on its own account, and instead will be merely matching exchange orders”
Who are ETERBASE?
ETERBASE are seeking to become the world’s first fully regulated exchange, and are closer towards this accreditation than any other cryptocurrency exchange. Their KYC and AML procedures are more robust than their competitors, of which the majority are seeking on doing the minimum or else avoiding regulations altogether.
But ETERBASE are also offering much more than regulation of customers seeking crypto trading, and are potentially going to replace traditional banking services. They are currently in the process of acquiring an Electronic Money Institution (EMI) licence.
This licence will enable ETERBASE to clear payments in the Single Euro Payments Area (SEPA) and to distribute debit cards to users. Customers can be issued International Bank Account Numbers (IBANs) and avail of typical fiat financial services, along with all modern cryptocurrency services.
SEPA covers over 500 million people and over 20 million businesses, so ETERBASE could soon be the biggest crypto exchange on the globe. The exchange has few competitors, especially in Europe, and is breaking into a market that other cryptocurrency exchanges have yet to venture.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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