A Look at the Enforcement Measures to Institutionalize Blockchain Exchanges
By Luke Flowers – Cryptocurrency Broker
Digital asset markets are confronted with a range of international laws, but which are the most appropriate for the current cryptocurrency landscape?
Due to legal ambiguity from the U.S Securities and Exchange Commission and a host of state license standards, the growth of cryptocurrency trading in the U.S remains trapped. Limited and reserved for ‘Bitcoin Over the Counter Bulletin Board’ concerns, some see the future of American markets as uncertain territory.
To maintain the stable development of cryptocurrency markets, it is essential to expand the market share to institutional trading and large Bitcoin purchases. This approach is an effective business model for digital asset markets, as it would encourage U.S authorities to move sooner. Digital asset markets should recognize that stronger regulation could draw more investor competition and that coordinating with a set of controlled regulatory guidance is the necessary starting point.
With this in mind, the next step is implementation. Again, there is no need to reinvent the wheel — the current legislation offers guidance that can be migrated over to the digital asset sector. An avid example can be Bermuda, who act willingly as a regulator and welcomed digital assets by removing regulatory ambiguity. Wyoming, another state who many believe host some of the most advanced digital asset regulatory structures in the U.S, also modeled their own cryptocurrency ecosystem on Bermuda's legislation.
Adequate client disclosures are required to enforce effective and transparent controls. The client disclosure policies of Bermuda and the virtual currency laws of New York are some of the clearest guidelines. With trusted Bitcoin brokers common in the U.S, when addressing market integrity, particularly U.S jurisdiction, Cboe Futures Exchange's "Rulebook" is thought of as a well-composed resource. Digital asset markets need to seize the bull by the horns and continue to crack the regulatory log jam.
BC Bitcoin remain up to date and complies with UK legislation. We can answer any questions you may have and are always on hand to assist. You can Buy and Sell cryptocurrency on our platform, or simply pick up the phone to get in touch with a member of our team.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards