The ETERBASE crypto exchange has managed to gain approval from the Financial Market Authority (FMA) that it does not need to regulate the exchange at this time. This news of approval comes at a time when the cryptocurrency industry is doing everything possible to become more legitimate. This is indeed one big step forward for the exchange towards regulatory compliance.
The exchange has plans of allowing fiat-to-crypto trading but not on its own account. It instead plans to match exchange orders via its platform. In order to do this, ETERBASE intends to team up with crypto-custodians and regulated financial institutions to provide services such as fiat gateways, cold storage and hot wallet services. Using this methodology, users will be able to choose a custodian or a financial institution that best fits its requirement.
Another aspect of the FMA ruling is set to allow the ETERBASE crypto exchange to proceed with the issuance of XBASE, its native token, in an initial coin offering (ICO) on the Ethereum blockchain. ETERBASE will fully comply with AML/KYC/CTF regulations surpassing the current minimum standards for vetting ICO participants.
The regulatory assessment that has been provided by the FMA to the exchange is purely based on the present Lichtenstein law and the legal facts that can be judged on the basis of the legal opinion drafted by NAGELE Attorneys at Law LLC in Liechtenstein, as stated in the Crypto Disrupt news report.
This is just the first step in the ETERBASE crypto exchange’s mission of becoming the most compliant crypto exchange in Europe. The exchange has plans to seek additional regulatory approval for the Electronic Money License (EMI) to provide debit cards and individual International Bank Account Numbers (IBAN) to serve over 500 million customers across the European Economic Area (EEA) as mentioned in the ETERBASE blog.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]