Hybrid Crypto Exchange: At the Regulation Forefront in Crypto Space
The Exchange Received a License
The governing bodies have been in the quest to install the necessary measures in place to help in the safeguarding and the protection of the crypto space users while making sure that criminal activity is cracked down. Therefore, these regulations will help in creating the required trust and also stability in the crypto sector.
The European Parliament has this week govern new regulations meant to govern crypto exchanges in regard to money laundering, the KYC (Know Your Customer) introduction. Therefore, the amendment upon KYC was integrated in order to avoid the “risks related to the cryptocurrency world” and also to end the issue of anonymity which is associated with digital currencies.
Therefore, the EU has made a decision that the various custodial wallets and trading platforms will have the mandate to introduce the KC policies. This decision was regarded with a total of 574 votes which favored it, 13 were not for it and also 60 were absent.
Eidoo at that same time which is a multicurrency wallet and also a hybrid exchange for the crypto assets made an announcement that it was the top country to be given the Financial Services Standards Association (VQF) license. Therefore, this is due to the stringent KYC approach with the Hybrid exchange and the ICO engine platform and also according to the money laundering directive.
Therefore the VQF license is seen as an imperative step towards the Eidoo’s hybrid exchange development.
Additionally, the VQF held a meeting of the official, FINMA-recognized Self-Regulatory Organization (SRO) in line with the Anti-Money Laundering (AMLA) from 1998. This also acts as an Industry Organization for Asset managers (BOVV) with FINMA setting the conduct rules for the in interest protection and also the wellbeing of the financial investors and intermediaries.
Other VQF members include the financial intermediaries from the banking sector which includes the asset managers, collective capital investment scheme providers, also the trust organizations and many more.
Therefore, the VQF license is a representation that the dedication and hard work of Eidoo’s team in the creation of a regulated hybrid exchange and also the crypto community connected services have paid off. Therefore the license represents a good stead form the hybrid exchange launch of Eidoo.