Regulatory approval granted to cryptocurrency exchange Eterbase, with the XBASE ICO imminent in Liechtenstein.
Eterbase, a leading cryptocurrency exchange, has announced its plans to seek an Electronic Money License (EML) to expand its services across the European Economic Area (EEA). With this license, Eterbase aims to cater to over 500 million customers, providing them with a secure and compliant platform for buying, selling, and managing cryptocurrencies.
If approved, Eterbase will be able to issue International Bank Account Numbers (IBANs) and debit cards, enhancing users' ability to manage their funds more efficiently. However, it's important to note that Eterbase will not exchange crypto-to-fiat pairs individually but will match exchange orders to ensure a fair and transparent trading environment.
Eterbase is committed to complying with present and future legislation fully. To ensure this, they are partnering with various regulated financial institutions for hot wallets, cold storage, and fiat gateways. While the specific names of these institutions have not been publicly disclosed, customers will have the opportunity to choose from different financial partners to meet their security requirements.
The legal opinion supporting Eterbase's decision was provided by Nägele Attorneys at Law LLC in Liechtenstein. This decision is significant as the Financial Market Authority (FMA) in Liechtenstein has decided not to regulate Eterbase's crypto-to-crypto business. This decision complies with Liechtenstein law and is based on legal facts that may differ in foreign countries.
In a move to further secure its operations, Eterbase is implementing rigorous Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorism Financing (CTF) processes for participants eligible for its Initial Coin Offering (ICO).
As Eterbase moves forward with its application for the EML, it continues to demonstrate its commitment to providing a secure, compliant, and user-friendly platform for cryptocurrency trading and management. With its focus on regulation and partnerships, Eterbase is well-positioned to become a leading player in the European cryptocurrency market.
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