Bitstamp, one of the largest cryptocurrency exchanges, has confirmed that it will be enhancing its offerings in the coming days, with a deadline of June 30, 2024. The confirmation comes ahead of the implementation of the MiCA regulation across the European Union.
MiCA, which stands for Markets in Crypto-Asset Regulation, will come into effect on June 30, 2024. Bitstamp welcomed the move and assured us that it will take all possible measures to meet regulatory requirements. This reflects the exchange’s intention to operate in an area within regulatory boundaries only.
Some of the changes include removing the euro’s dominance over the EURT stablecoin and keeping non-euro-dominant electronic money tokens (EMTs) that are already listed on the platform and do not comply with MiCA regulations. However, their availability will be limited, and no new EMTs will be listed unless they meet MiCA requirements.
James Sullivan, Bitstamp’s UK managing director, welcomed the move, saying it reflects their commitment to security and compliance. James further added that making this shift means they are in a strong position to adapt to the changes. The platform maintains direct contact with affected users.
Bitstamp has over 50 licenses and is currently MiCA compliant. The platform constantly monitors its status to ensure it continues to meet all requirements.
The announcement comes days after Bitstamp listed Bonk ($BONK) on its platform. Needless to say, this sparked a round of speculation about increasing liquidity and the value of the token. BONK responded to this news by rising by 2% after the announcement. It has now fallen by 3.20% in the last 24 hours to trade at $0.00002223.
Founded in 2011 and headquartered in London, Bitstamp has over 20 cryptocurrencies and over 50 trading pairs listed on its platform. Some of the fiat currencies it supports are the US dollar, the Euro, and the British pound. According to Bitstamp reviewThe platform was initially only focused on Europe. It has now exceeded those expectations by expanding its operations around the world. It offers all the main functions related to cryptocurrencies: buying, selling, withdrawing and depositing.
You can start using Bitstamp by creating a profile on the platform. Users can choose an individual account or a business account according to their needs and preferences. Confirming the email address for security purposes and enabling two-factor authentication is important. Funds can be deposited using fiat currencies or cryptocurrencies such as BTC, ETH, and XRP.
Amending the offers before the implementation of the MiCA regulation is a positive step for Bitstamp. It also sets an example for others, proving that cryptocurrency exchanges can thrive by engaging in fruitful communications with relevant authorities. Bitstamp is now seeking to expand its operations by leveraging its reputation.