World's First Nationally Licensed Bitcoin Exchange 'Bitstamp'

[BTC-Joe]

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 

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.

[alyssa85]

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.

[mayax]

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"  

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).

[BTC-Joe]

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.

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.

[bittrojan]

Hi All,

European bitcoin exchange Bitstamp has become the first fully licensed bitcoin exchange in Europe. The license will go into effect on July 1st and marks the first time that a bitcoin exchange acquires the license as a fully regulated payment institution, in the world.

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

Thank you
CryptoJeweler

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.

[CryptoJeweler]

Hi All,

European bitcoin exchange Bitstamp has become the first fully licensed bitcoin exchange in Europe. The license will go into effect on July 1st and marks the first time that a bitcoin exchange acquires the license as a fully regulated payment institution, in the world.

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

Thank you
CryptoJeweler

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

[gentlemand]

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.

[TheDreadPirateDickstein]

Hi All,

European bitcoin exchange Bitstamp has become the first fully licensed bitcoin exchange in Europe. The license will go into effect on July 1st and marks the first time that a bitcoin exchange acquires the license as a fully regulated payment institution, in the world.

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

Thank you
CryptoJeweler

SELL OUTS with no volume now

[mbaeichapareiko]

https://www.bitstamp.net/

Just received their email today. 

[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.

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

[mayax]

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

[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

[TheDreadPirateDickstein]

Yeah, and notice how nobody uses em now.

And causation in this case IS correlation

[DimensionZ]

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?