Crypto exchanges have been expanding rapidly in the last few years to new territories and this is a sign both of their profitability and their popularity across the globe. One new development. However, besides expansion is the fact that the US territories and countries around the globe are now requiring exchanges to register and go through a series of preliminary examinations before they are given license to operate there.
This is the case of the Bitlicense that exists within New York which requires all businesses that require businesses that work with funds transmission to register with before they are allowed to legally operate. However, getting the license to operate in a new state or territory can bring access to a lot of new customers and more profits.
Bittrex, a leading cryptocurrency exchange, is expanding their services within the United States as the recently announced that they had gotten the money transmitter license in the state of Delaware which is now 42nd state on the exchange’s list in their plans to operate within the whole of the United States.
“#Bittrex Community: Bittrex has been approved as a Money Transmitter in the state of Delaware! NMLS ID 1544336. We’re excited to welcome Delaware customers to join our USD Markets,”they tweeted.
The most recent addition to the market besides Delaware was Rhode Island which the firm began operating in from April 2019. The exchange also operates in states in the United States such as Pennsylvania, Colorado, Arizona, Missouri, Nebraska, Montana, Alaska, Texas, Ohio, New Jersey, South Carolina, and Wyoming.
They needed to get a new license before they could open their USD markets because of a law called the Money Transmitter Act [MTA] or the Money Transmission Business Licensing Law. According to the law, any individual or business that provides services that have to do with the transfer of funds in the United States have to secure a new transmission license from the banking board of whatever state they wish to operate in.
Any business that wants to operate across the United States will have to acquire licenses from each state individually.
Other changes have taken place at Bittrex which have to do with their operations. They recently announced that they will be operating in Lichtenstein which is the fourth smallest country in Europe. However, the services being offered will only be two qualified customers and they will be working with regulators and will comply with the regulatory framework that has been set within the country.
To ensure compliance they have put a team in place in the country to make sure that know-your-customer and anti-money laundering processes add head to which is the common practice in all regions that Bittrex operates in.
“Bittrex International will operate in Liechtenstein within the proposed regulatory framework under consideration by the Liechtenstein parliament, the Transaction Systems Based on Trustworthy Technologies Act, also known as the Blockchain Act,” a recent blog post said.
Developments like these are important because they are indicative of the growth of the cryptocurrency industry across the world and also show that the industry is being regularized by submitting itself to regulatory requirements and making sure their operations are within the provisions of the law.
This goes a long way to ensure that not only does the industry grow but that it is given a legitimate place to by the authorities put in place in various parts of the world.
- Source: First Appeared Here
- Published Time: 2019-06-19 17:36:09
The views and opinions expressed in the article Bittrex Exchange Opens Up Shop in Delaware as State Approves Its Money Transmitter License do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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