Bitcoin Forum

Hi All,


I think its great move which will have positive impact on digital currency industry globally. What is your opinion?

Thank you
CryptoJeweler

Thats good but wouldn't that make it regulated and under government control?They will have to share all their users data with government,this may be a move to impose taxes on bitcoin or its transaction

Hi Wapinter,

Thank you for your feedback.
Important point raised by you. AT the moment The license was acquired following a “rigorous application process” that lasted nearly two years with the Luxembourg Financial Industry Supervisory Commission. No other details have been revealed about taxes on bitcoin yet.
There is chance of that but i believe bitcoin exchange will have paid for their licence and they will not compromise over decentralization.

Thank you
CryptoJeweler

Really thank you for introducing that exchange to us, but I am currently searching for an exchange where the deposit is allowed with payza, soo that i convert my payza account balance to bitcoin.

I think the benefits of this move will easily outweigh the disadvantages like imposed taxes for example. Regulating Bitcoin will make it legitimate in the eyes of possible investors who have been avoiding Bitcoin till now because it is associated with scams and shady deals like half of the time. Now that it is recognized as a completely legitimate payment system this will attract even more investors and enterprises because it will offer a secure environment for conducting business. No more cheeky hit and runs will be tolerated and left unpunished  ;)

Hi Superways,

Thank you. :)

Please look into the list, i hope you will find exchange. If not feel free to prompt again.

https://bitcointalk.org/index.php?topic=1411319.0

Thank you
CryptoJeweler

good news, but exactly, what this regulation implies?

I red in comments on reddit that its not first nationally licensed bitcoin exchange, there was already one before.

Hi Pompobit,

Although consumers will now be able to exchange Euros for the cryptocurrency from a fully licensed bitcoin exchange.
Moreover the exchange joins the likes of Kraken and Coinbase to offer Bitcoin-Euro trading.

Thank you
CryptoJeweler

thank you but this was clear to me.
What is less clear is what means to be "fully licensed". Who acts as a guarantor? Is there some sort of insurance on funds?

Hi Pompobit

Sorry for the confusion.
EU will be a guarantor as they got licence from EU officials, with the Luxembourg Financial Industry Supervisory Commission (CSSF), The EU state’s financial regulator. Moreover external audit by Ernst & Young was also performed before Luxembourg’s CSSF saw fit to grant the license to Bitstamp.

Is there some sort of insurance on funds?
- I don't know about that but probability will be high for that! , if you or anyone found more information regarding insurance please share on this thread.

Thank you
CryptoJeweler

What are you talking about ? There is zero chance of any insurance of funds. Being licenced exchange doesnt have anything to do with its funds
being secured or customer funds being insured. Where did you find any reference that would insinuate something like that?

The new status will only effective come 1st July 2016. I guess we need more information as in what the term "national licensed" means to an exchange.

There is a similar post about this news:
http://bitcointalk.org/index.php?topic=1450594
that is on it's second page as of now.

In my country, I feel more motivated to buy bitcoins in the "black market" with "legal exchangers" requiring "selfies" and other absurdities, such as low limits.

I will not buy any bitcoins on such conditions.

thank you for your answers, but I'm not as much sure as you about as high that probability is ;)

I quite agree with you on that point. Thank God, there's localbitcoins and similar p2p deals as opposed to having your anonymity compromised.
The only ones that are interested in licenced exchanges are institutional investors i guess, but i dont mid - let them pump up the price..

Hi Interbtc,

Yes agreed. I also don't know of any exchange that with fully insured client deposits.
As they have faced some RNG Attacks and security concerns before that's why i just said that.

Thank you
CryptoJeweler

in my country our bitcoin exchange has licensed and being legall exchanger
but it doesn't mean anything, if you lost your bitcoin, there is no guarantee for you if you hold bitcoin, so you can't seeking for justice or something else, due to bitcoin is not regulated properly

It's the same here. There are no guarantee's for you funds, but in cases where you lose your funds while they are on the exchange due to
their security being compromised - there's noone that can stop you from suing them for damages.
So it's a no for insurance, but definitely yes for eventual damage claims, but speed is not something any justice system have as an attribute tho.

First of all, regulating something NEVER makes it better.

Secondly, all of those things you claim to want with regards to bitcoin already exist if you trade or invest with USD or any other legitimate currency. You already pay taxes, or are supposed to, on any gains you make when you sell bitcoins for currency.

Bitcoin is already as secure as is reasonably possible. It's also already able to be used for payments so long as there is a market or exchange that can reliably process transactions.

Cheeky hit and runs happen and do go unpunished...did sleep through 2008-2009 when obama gave investment banks who gamed both investors and the banking system a nearly $1 trillion "too big to fail" bailout?

Again, tell me about that time when something already good got better after bureaucrats got involved. Try: never.

I presume the Luxembourg licence comes under the following EU authority:

https://www.esma.europa.eu/

What they do is supervise. Judging from their website they do risk analysis, they fine exchanges which have too much down time and cost customers money - presumably if customers at Bitstamp lost money through mismanagement at Bitstamp, they could lodge a complaint and force Bitstamp to compensate them. and so on.

It will definitely make larger speculators more comfortable trading BTC.

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 ;D

In short, the Bistamp license is good but only for 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).

That thing you're linking to in your sig will likely be illegal in whatever country decides to regulate bitcoins...and, no, you won't have other/better options if that were to happen.

Who really cares what speculators feel comfortable with? They are a cancer on financial markets, not the "providers of liquidity" they claim to be.

i'm imagine if bitstamp become my country licensed bitcoin exchange,so far i see bitstamp have better bitcoin price than others,and its give me more profit when i'm sell bitcoin.

Hi Bittrojan,

As it is regulated under government control, is there any chance that they will have to share all their users data with government? Or impose taxes on bitcoin or its transaction

Thank you
CryptoJeweler

What does this mean in terms of insurance? Are customers covered for full on failure by some state arrangement? And does this formalise their banking relationship? I seem to recall they've had a few shaky moments with their banks.

SELL OUTS with no volume now

https://www.bitstamp.net/

Just received their email today. 

Hi gentlemand,

There is zero chance of any insurance of funds. As far as i  know of any exchange that with fully insured client deposits.

Thank you
CryptoJeweler

Bistamp is misleading or they are really stupids :)

Their license as payment institution (PI) is only available in...Luxembourg. This licensed cannot be passported to other all 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"  ::)

In short, the Bistamp license is good but only for Luxembourg and indeed this thing will cut the Bitstamp fake transactions/volume 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). It's a step forward but the Bistamp is lying. They are ONLY licensed in the tiny Luxemburg and not in all the European Union :)

Hi Mayax,

Do you have any reference link? Please share with community.

Thank you
CryptoJeweler

Yeah, and notice how nobody uses em now.

And causation in this case IS correlation

So I don't understand if the Luxembourg license can be passported to other EU countries or not. I have read a lot of articles that said it will be passported to all 28 member countries of the European Union so which is true and which is false? Why would Bitstamp need to lie about serious matters like this one? Do you have a solid proof of what you are saying or you are just giving your opinion in here?