ETERBASE Crypto Exchange Gains FMA Approval

ETERBASE Crypto Exchange Gains FMA Approval

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ETERBASE Crypto Exchange Gains FMA ApprovalIn times where the cryptocurrency industry is doing everything it can to become more legitimate, one European exchange has taken a big step forward towards regulatory compliance. ETERBASE has just received approval from the Financial Market Authority (FMA) in Liechtenstein, with the regulatory authority noting it does not need to regulate the exchange at this time.

Full compliance

ETERBASE plans to allow for the trading of fiat-to-crypto but not on its own account, and instead, match exchange orders via its platform. To do this, the exchange plans to team up with regulated financial institutions and crypto-custodians to provide services such as cold storage, fiat gateways, and hot wallet services. This methodology allows users to choose a financial institution and/or custodian which best fits their needs.

An additional aspect of the ruling from the FMA is set to allow ETERBASE to move forward with the issuance of its native token, XBASE, in an initial coin offering (ICO) on the Ethereum blockchain. The exchange will comply fully with KYC/AML/CTF regulations, going well beyond the current minimum standards for vetting ICO participants.

The regulatory assessment provided by the FMA to ETERBASE is based purely on current Lichtenstein law and the legal facts that can be judged based on the legal opinion drafted by NÄGELE Attorneys at Law LLC in Liechtenstein.

More in the works

This is only the first step in ETERBASE’s mission of becoming the most fully-compliant cryptocurrency exchange in Europe. The exchange has plans to seeks to become an Electronic Money Institution (EMI), after which time it will be able to provide users with an International Bank Account Number (IBAN) and debit cards to over 500 million customers across Europe.

Unlike most other exchanges, ETERBASE is set to work under a membership model via its XBASE tokens to provide users with minimal, or even zero trading fees across the platform. It’s low latency, and professional trading tools also make it a great option for professional and institutional investors.

The exchange, which has yet to launch, is currently running a program for 30 cryptocurrencies to be pre-listed on its platform.

Dan is a freelance cryptocurrency and blockchain content writer. He has written content for startups, ICOs, financial planners, venture capital firms, and more. Previously he founded an e-commerce company that grew to $1 million in revenue and profitability in less than 3 years. Dan has a degree in Economics and Finance from Bentley University.

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