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Title: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: EvanFaggart on April 25, 2016, 02:35:08 PM Bitstamp has relocated its headquarters to Luxembourg, where it has received a national Payment Institution license. Bitstamp says this makes them the first nationally regulated exchange in the world, whereas other licensed exchanges just have a handful of licenses in various US states. What do you guys think about this news?
Article link: https://news.bitcoin.com/bitstamp-luxembourg-nationally-compliant/ Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: unamis76 on April 25, 2016, 03:21:23 PM What does this mean for endusers? They were already allowed to proceed with fiat cashouts, what does this regulation add? I don't see good things coming out of this, but I am likely misinformed...
Good news there is they'll be creating a BTC/EUR pair :) Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: LiteCoinGuy on April 25, 2016, 03:27:36 PM great achievement! 8)
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: EvanFaggart on April 25, 2016, 03:29:21 PM What does this mean for endusers? They were already allowed to proceed with fiat cashouts, what does this regulation add? I don't see good things coming out of this, but I am likely misinformed... Good news there is they'll be creating a BTC/EUR pair :) Nejc told us that he and his company believes coming into regulatory compliance is one of the best ways to help Bitcoin go mainstream. He believes that by securing a direct line with regulators, rather than the indirect regulation imposed through banking partnerships, banks and other financial institutions will feel more comfortable dealing with Bitcoin. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: calkob on April 25, 2016, 03:30:00 PM Sounds like great news, the US looks like a closed shop to bitcoin in some states, companies will just relocate.
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: LFC_Bitcoin on April 25, 2016, 03:40:22 PM great achievement! 8) Exactly the first thing I thought when I saw it. I don't see how this can be seen as anything other than positive. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: bitcoin-hunter on April 25, 2016, 05:34:21 PM great achievement! 8) Exactly the first thing I thought when I saw it. I don't see how this can be seen as anything other than positive. It's a good step in the right direction. This should be the new standard when it comes to exchanges vs licenses. Let's see if anyone will follow them. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Jasad on April 25, 2016, 05:41:07 PM Bitstamp has relocated its headquarters to Luxembourg, where it has received a national Payment Institution license. Bitstamp says this makes them the first nationally regulated exchange in the world, whereas other licensed exchanges just have a handful of licenses in various US states. What do you guys think about this news? really?bitstamp become nationally-licensed Exchange for Luxembourg?Article link: https://news.bitcoin.com/bitstamp-luxembourg-nationally-compliant/ if that really happen,its will be a good news for people,bitcoin start have good place on goverment side,and i'm sure other countries will interesting to follow this step. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: alyssa85 on April 25, 2016, 05:44:03 PM What does this mean for endusers? They were already allowed to proceed with fiat cashouts, what does this regulation add? I don't see good things coming out of this, but I am likely misinformed... Good news there is they'll be creating a BTC/EUR pair :) It means that bigger investors might dip a toe in. At the moment they won't do it because of the risks (losing coins/hacking etc). Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: mobnepal on April 25, 2016, 06:37:37 PM Seems good news but to know what will happen next we have to wait how successful their operation could be in their new location. Being nationally licensed exchange could be pain in the ass if government try to push their nose quite deep inside their exchange platform. Hope there will be no any legal issues.
Good for bitcoin price and stablity, new investors may get into cryptoworld. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Junko on April 25, 2016, 06:38:06 PM It means Bitstamp gains a degree of legitimacy, while users maybe get an extra sense of security.
And of course, it also means the Luxembourg regulators will get something nice in return as well. ;) Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Amph on April 25, 2016, 06:45:04 PM What does this mean for endusers? They were already allowed to proceed with fiat cashouts, what does this regulation add? I don't see good things coming out of this, but I am likely misinformed... Good news there is they'll be creating a BTC/EUR pair :) Nejc told us that he and his company believes coming into regulatory compliance is one of the best ways to help Bitcoin go mainstream. He believes that by securing a direct line with regulators, rather than the indirect regulation imposed through banking partnerships, banks and other financial institutions will feel more comfortable dealing with Bitcoin. this make less sense, shouldn't regulations imposed by bank, make banks more confortable to deal with bitcoin, since they are the one that are imposing the regulation? Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: tyz on April 25, 2016, 06:47:33 PM Great news! Luxembourg and Switzerland are once again pioneers in a new financial age. After they had to give up numbered accounts almost entirely because large pressure of the USA, now this offers a new business model for them with a much bigger impact on the economy.
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Denker on April 25, 2016, 06:56:05 PM The cool thing is I can now name an exchange to interested people which is fully regulated in all 28 countries of the European Union. I think this is really a great achievement and could help Bitcoin to be taken more serious and legal in the media and in the mind of some blockheaded doubters.
This may also attract institutional investors sooner or later, who knows. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: tuvok007 on April 25, 2016, 07:02:23 PM Good news!
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Carlsen on April 25, 2016, 07:17:16 PM That would be some great news.
And because it's in Europe it means that 500 Mio people have access to it the same way. Could bring the bitcoin a big step further in its developement on the old continent. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: yeswepump on April 25, 2016, 07:30:28 PM Sounds a big news for Bitcoin recognition in EU
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: unamis76 on April 25, 2016, 07:52:40 PM What does this mean for endusers? They were already allowed to proceed with fiat cashouts, what does this regulation add? I don't see good things coming out of this, but I am likely misinformed... Good news there is they'll be creating a BTC/EUR pair :) Nejc told us that he and his company believes coming into regulatory compliance is one of the best ways to help Bitcoin go mainstream. He believes that by securing a direct line with regulators, rather than the indirect regulation imposed through banking partnerships, banks and other financial institutions will feel more comfortable dealing with Bitcoin. It probably is. But it's also the best way to get governments putting their nose in what addresses you withdraw to and where you send the funds, and how much you send. It means that bigger investors might dip a toe in. That's good. But at what cost? At the moment they won't do it because of the risks (losing coins/hacking etc). They face exactly the same risks of losing coins/hacking they did before. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: vlom on April 25, 2016, 08:24:04 PM this sounds great. but does this help to prevent an other mt.gox or cryptsy? are my BTC saver now after this announcement?
i received their newsletter and could not find something about new security "features" for customers. the only write: Quote providing all European customers with a robust, secure platform for bitcoin trading. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Denker on April 25, 2016, 08:42:47 PM this sounds great. but does this help to prevent an other mt.gox or cryptsy? are my BTC saver now after this announcement? i received their newsletter and could not find something about new security "features" for customers. the only write: Quote providing all European customers with a robust, secure platform for bitcoin trading. Doesn't matter if this help to prevent another Mt.Gox drama! Most important rule: If it is not your keys, it's not your Bitcoin!!!! Therefore never store your Bitcoin on an exchange!! Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Nemo1024 on April 25, 2016, 08:52:04 PM Good news, indeed. Just got an e-mail from Bitstamp half an hour ago:
Quote We are very excited to share with you today that Bitstamp has been granted a license by the Luxembourg government to be a fully regulated and licensed exchange in the EU. This is an unprecedented moment for the bitcoin, and brings with it a new era of security and transparency to the industry. The news is the result of a rigorous application process with the Luxembourg financial regulator, the Luxembourg Financial Industry Supervisory Commission (known as CSSF) spanning nearly two years, which included security reviews in addition to an audit by Ernst & Young Luxembourg. Bitstamp's license is passportable into the 28 EU member states providing all European customers with a robust, secure platform for bitcoin trading. Establishing our EU base in Luxembourg, a country that is known for its long-standing history as an international leader in e-payments and data privacy as well as the European headquarters for many global players including Amaz on, PayPal and Skype, Luxembourg embodies an exceptionally strong infrastructure and the financial and security awareness we were seeking for this process. What does this mean for me? New and current Bitstamp clients can rest assured knowing that Bitstamp and its services are approved across Europe. This stamp of approval ensures that Bitstamp offers the highest levels of security and consumer protection previously only recognized in traditional financial institutions. What else is new? Bitstamp has simultaneously launched BTC/EUR trading to better serve European markets. We are also offering free trading in BTC/EUR for our loyal clients for the next month (Until end of May). Effective Tuesday, 26th of April all EUR deposits received will be credited directly to EUR account balance. Trading will start same day at 1:00 PM CEST. To protect our clients ask/bid orders overlapping on launch day will be removed prior to launching the order book. Note that all non-EUR deposits will continue to be converted to USD. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Wendigo on April 25, 2016, 09:29:05 PM Congratulations to all fellow Europeans for our first fully regulated and licensed Bitcoin exchange :D I think this regulation will bring only positive things to the Bitcoin community and add another layer of security for our deposited coins as this means prosecution of thieves throughout the European Union should someone try to pull another heist at Bitstamp. Bitcoin is not in the Wild West territory anymore now we have sheriffs as well ;)
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: jt byte on April 25, 2016, 09:34:11 PM Thought I read about it being relocated too Spain or is that where it originally was ??? :-\
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Pompobit on April 25, 2016, 10:46:25 PM great news.
I have already asked it in another thread, but is there some sort of insurance on bitstamp funds and/or customer funds? Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: mayax on April 26, 2016, 12:51:58 AM great news. I have already asked it in another thread, but is there some sort of insurance on bitstamp funds and/or customer funds? Right but their license as payment institution (PI) is only available in...Luxembourg. This licensed cannot be passported to other EU countries. The Electronic Money Institution (EMI) can be passported BUT not the PI license. So, Bitstamp is lying like a shit or they are too stupid to know what they "bought" . ;D In short, the Bistamp license is good but only within Luxembourg and indeed they will cut the fake transactions with a half. They will have to appoint an external auditor, they will have to comply with strict rules and it will be harder to make the shits they did till now(with the Willy bot). Also, the funds are not insured BUT it's much better than nothing. A PI company is regulated and they cannot disappear overnight.It's out of the shadow. :) Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: SFR10 on April 26, 2016, 02:45:11 AM This is the best move I've seen an exchange make in a while, considering recent events to some other exchanges. It surely strengthen and adds stability to them and could see them just improving from now on. It seems that their also trying to somehow ditch $ trades (step by step), since there are a lot of rules in different states in US that has made BTCitcoin experience unpleasant for some users.
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Evildrum on April 26, 2016, 03:56:23 AM Transparency will go a long way in bringing bitcoin into the light. The more doors in the foundation the more people will check it out and go down farther into a bitcoin aspect.
Like it alot! Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Junko on April 26, 2016, 04:50:25 AM Will clients' bitcoins and money now be insured against unauthorized activity?
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Herbert2020 on April 26, 2016, 05:19:41 AM i think that is good news and helps us trust them some more, still not 100% but it can be trusted so much more than other exchangers. also the fact that they are not in US anymore is a lot better in my opinion, US has sometimes bad rules and especially when it comes to privacy.
Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: NUFCrichard on April 26, 2016, 05:32:37 AM That sounds like great news to me. Luxembourg is one of those a little bit dodgy European tax havens that has a massive financial services sector, so having a big bitcoin exchange there is a good thing.
It legitimizes Bitstamp if they weren't already legit enough. Let's see if they make buying bitcoin even easier for us Europeans now. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: Kakmakr on April 26, 2016, 05:45:06 AM The USA are going to lose more ground with Bitcoin, because of over-regulation. BitLicense was overkill in every sense of the word and that will kill innovation and possible job opportunities in many states in the USA. While the businesses relocate to EU, a brain drain will occur in the USA.
In the end of the day, I think this is a very good move for Bitstamp and good for Bitcoin. Title: Re: Bitstamp Moves to Luxembourg, Becomes First Nationally-Licensed Exchange Post by: mkc on April 26, 2016, 05:50:15 AM The USA are going to lose more ground with Bitcoin, because of over-regulation. BitLicense was overkill in every sense of the word and that will kill innovation and possible job opportunities in many states in the USA. While the businesses relocate to EU, a brain drain will occur in the USA. In the end of the day, I think this is a very good move for Bitstamp and good for Bitcoin. It is still a hassle to deposit into Bitstramp from USA. I think this probably is a none event. Bitstamp is already one of most trusted and pricey exchanges, licensing only reinforce such image. |