Bitstamp Becomes First Bitcoin Exchange To Be Granted National License Across Europehttp://www.ibtimes.com/bitstamp-becomes-first-bitcoin-exchange-be-granted-national-license-across-europe-2359099Bitstamp has become the first bitcoin exchange to be granted a national license after Luxembourg classified the company as a fully regulated payment institution. The move lets Bitstamp operate across all 28 countries in the European Union.
Bitstamp, which has been operating since 2011, is the world's third-largest bitcoin exchange by volume of currency traded. The move by Luxembourg to grant the license will allow Bitstamp to operate in all EU member states due to the EU passport program, which lets financial institutions licensed in one country do business in the others. The move puts the bitcoin exchange on the same footing as traditional financial institutions for the first time in terms of security and consumer protection.
Bitstamp has also announced it will begin offering customers the ability to exchange bitcoins for euros and vice versa, a service that's available on only a handful of other exchanges. The process to obtain the license, which goes into effect July 1, took more than two years and involved the small country's financial regulator, the Luxembourg Financial Industry Supervisory Commission, and included security reviews in addition to an audit by Ernst & Young.
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