The Luxembourg, London, and New York-based company Bitstamp is already incorporated in Spain and Italy. The EU’s Markets in Crypto Assets law, or MiCA, which imposes strict reserve and investor transparency requirements for crypto services like wallets and exchanges, is expected to take effect. Check the link to learn everything about Immediate Profit
Unregistered businesses that serve the French market must handle conflicts of interest and segregate client assets under suggestions being examined by French parliamentarians in the aftermath of the FTX collapse. This stricter requirement is meant to serve as a bridge until MiCA is implemented.
The international CEO of Bitstamp said in an email to CoinDesk that the firm is incredibly pleased with its new position as a distributor of virtual assets in France.
A number of the most important markets in Europe for Bitstamp is France. The cryptocurrency market has been going through a significant turning point for a few months now. As a revolutionary player, we are eager to help the general public accept cryptocurrencies.
The basis for demonstrating reserves
Monitoring, confirming, and bookkeeping for each transaction—all 100+ hundred thousand of them annually—is the first step in providing an accurate and fair picture of Bitstamp’s financial status and determining whether the assets owned match the liabilities of the customers. This is what the financial control environment at Bitstamp is designed to achieve.
Our procedures and internal systems are coupled with specialized business applications from a top worldwide vendor, which guarantees that we are confirming the correctness of our data at a client and transaction level. Our financial control staff monitors and reconciles client monies daily, weekly, and monthly against the books of the unbiased third custodian that holds these assets. This guarantees that we can independently verify Bitstamp’s assets and liabilities and those of its customers.
A very controlled cryptocurrency exchange
Becoming regulated is a daily process and requires more than just a certificate.
We follow due diligence processes to ensure that all legal and anti-money laundering (AML) standards are followed and regularly undertake independent audits.
Fifty licences and certifications are held by Bitstamp worldwide.
The compliance, regulations, legal, regulatory compliance, security, and internal review responsibilities are carried out by over 180 persons, or 29% of our company.
There is a risk and audit subcommittee on the Bitstamp Board.
Being the first cryptocurrency exchange to be granted a Payment Institution licence in the EU, Bitstamp
Bitstamp can show conformance in all 27 EU Member States thanks to the PIL. We have also been subject to regulation by the Luxembourg Economic Authority since 2016. (CSSF). CSSF mandates that Bitstamp handles financial and operational risks, retain all client fiat monies at lending institutions and separately from our company funds, and adhere to stringent organizational, security, people, and technological requirements.
Stepping into the French Market
The listing of cryptocurrency platforms permitted to provide goods and services to local customers now includes Bitstamp, according to France’s primary financial regulator, the Autorité des marchés financiers. The company announced the expansion on its Official Twitter and expressed its “thrill”.
During the past several months, the corporation’s headquarters in Luxembourg has received licences in additional European countries. It registered as a supplier of virtual asset services in Italy in July 2022, and in November, it received regulatory approval from Spain.
The French government has also approved using Binance, Bitpanda, and Crypto.com as cryptocurrency platforms. Binance registered for the first time in the Old Continent in May of last year. Soon after, it received approval in many areas, including Spain, Italy, Sweden, and Poland.
The Alliance With Eternals
Over a year ago, Bitstamp partnered with Gods and goddesses, a famous American esports group, to become its founding partner and official cryptocurrency exchange. The primary objective of the partners is to build a link between the digital asset market and the game industry.
Conclusion :
In addition to entering the French market, Bitstamp has operational licences in other European countries and operates in roughly 100 other countries worldwide.
It was given Italian clearance in July 2022 to become one of its recognized virtual asset service providers. Also, in November last year, it obtained Spain’s licence from the nation’s regulators.
Bitstamp and the E-sports company Immortals also reached a business agreement last year. As a result, Immortals Esports teams designated the company as their official cryptocurrency exchange.
By working together, Bitstamp will give Immortals and its supporters a platform to investigate fantastic cryptocurrency and NFT integration potential. By exposing them to Web3 and playing community, they will reward supporters with cryptocurrency incentives.