B2C2 Secures Virtual Asset License in Luxembourg, Preparing for MiCA's Launch in the EU
In Brief
B2C2 marks its entry into Luxembourg by obtaining registration as a virtual asset service provider (VASP), allowing it to facilitate OTC cryptocurrency trading for institutional clientele.
A cryptocurrency trading company based in the United Kingdom B2C2 has revealed its expansion into Luxembourg by securing a registration as a local virtual asset platform (VASP). This authorization empowers B2C2 to offer over-the-counter (OTC) spot trading services in cryptocurrencies to institutional clients, in addition to partnering with local cryptocurrency initiatives and conventional financial entities.
"In alignment with our operations across the UK, US, and Asia-Pacific, our Luxembourg office will be dedicated to delivering unmatched liquidity and exceptional service to all our clients,\" stated Denzel Walters, Head of Luxembourg Office at B2C2, in an official statement.
This strategic move is timed perfectly with the European Union’s upcoming implementation of the Markets in Crypto Assets (MiCA) regulation set to take effect on December 30, 2024, with provisions for stablecoins going live six months earlier in June. This schedule gives stakeholders and regulators ample time to prepare.
"As B2C2 gears up for the imminent MiCA regulations, acquiring VASP registration in Luxembourg is a significant achievement for us, especially as Luxembourg is becoming a vibrant hub for virtual assets,\" remarked Thomas Restout, CEO of B2C2.
Leading the Luxembourg office will be Denzel Walters, who previously worked as the business manager at B2C2’s London office. Denzel's background includes valuable experience at the Bank of England, the Prudential Regulation Authority, and Optima Partners. Importantly, B2C2 has already secured a license from France’s Autorité des Marchés Financiers (AMF) after acquiring the Paris-based firm Woorton last year.
As per the website of the Commission de Surveillance du Secteur Financier, B2C2 has become the twelfth officially licensed cryptocurrency entity in Luxembourg, joining other recognized firms such as PayPal and Zodia Custody operating within the nation. Bitstamp The extensive MiCA regulation spans 150 pages and builds upon existing EU rules governing securities trade. It requires any business wishing to provide cryptocurrency services within the EU to obtain authorization from one of the 27 national financial regulators.
B2C2 Prepares for MiCA Implementation
Furthermore, companies that offer cryptocurrency assets to the general public must issue a transparent and detailed white paper that highlights the risks involved, ensuring potential investors are well-informed. European Union With the launch of MiCA, the European Union is set to become the first major jurisdiction in the world to implement comprehensive regulations tailored specifically for the cryptocurrency domain. This landmark initiative is anticipated to motivate lawmakers in other regions, including the
B2C2’s strategic move into Luxembourg, alongside its preparations for MiCA, positions the firm as a pivotal player in the evolving cryptocurrency market, demonstrating a commitment to regulatory compliance and innovation.
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Alisa, a dedicated journalist at Metaverse Post, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast realm of Web3. With a sharp eye for emerging trends and technologies, she provides in-depth reporting that keeps readers informed and engaged in the ever-evolving world of digital finance.
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