World's First Nationally Licensed Bitcoin Exchange 'Bitstamp'

[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

[Wapinter]

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

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

[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

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

[Superways]

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.

[Wendigo]

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 

[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.

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

[Pompobit]

good news, but exactly, what this regulation implies?

[Velkro]

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

[CryptoJeweler]

good news, but exactly, what this regulation implies?

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

[Pompobit]

good news, but exactly, what this regulation implies?

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?

[CryptoJeweler]

good news, but exactly, what this regulation implies?

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

[interbtc]

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?

[7788bitcoin]

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.

[Lionidas]

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.

[27QVUTZj8rgZP1]

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

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.

[Pompobit]

good news, but exactly, what this regulation implies?

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

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

[interbtc]

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

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.

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..

[CryptoJeweler]

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?

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

[btccashacc]

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

[interbtc]

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.