Bitstamp confirms product upgrades before MiCA regulations

Bitstamp, one of the largest crypto exchange platforms, has confirmed that it will enhance its offerings in the coming days, with a maximum of June 30, 2024. The confirmation comes ahead of the MiCA regulation’s implementation across the European Union.

MiCA, an acronym for Markets in Crypto-Assets Regulation, will go into effect on June 30, 2024. Bitstamp has welcomed the move and assured us that it will take every possible action to meet the regulatory requirements. It reflects the exchange platform’s intention to operate in a region only within the regulatory confines.

Some of the changes include delisting EUR dominance in EURT stablecoin and retaining electronic money tokens (EMTs) that are not Euro-dominated but 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’s requirements.

James Sullivan, the UK Managing Director at Bitstamp, has welcomed the move, saying that it reflects their commitment to security and compliance. James has further added that making this transition means that they are in a strong position to adapt to the changes. The platform maintains direct contact with the affected users.

Bitstamp has more than 50 licenses and is currently compliant with MiCA’s standards. The platform constantly monitors its situation to ensure that it continues to meet all requirements.

The announcement comes days after Bitstamp listed Bonk ($BONK) on its platform. Needless to say, it triggered a round of speculation about an increase in liquidity and token value. BONK reacted to this news with a surge of 2% after the announcement. It has now gone down by 3.20% in the last 24 hours to exchange hands at $0.00002223.

Founded in 2011, Bitstamp’s headquarters in London boasts over 20 cryptocurrencies and more than 50 trading pairs listed on its platform. Some of the fiat currencies that it supports are USD, EUR, and GBP. As per the Bitstamp review, the platform was initially focused only on Europe. It has now exceeded those expectations by expanding operations around the world. It offers all the key functions related to cryptos: buy, sell, withdraw, and deposit.

One can get started with Bitstamp by creating a profile on the platform. Users can choose either an individual account or a business account according to their needs and preferences. Confirming an email address for security purposes and enabling two-factor authentication are important. Funds can be deposited using fiat currencies or cryptos like BTC, ETH, and XRP.

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Modifying offerings prior to MiCA Regulation implementation is a positive step for Bitstamp. It also sets an example for others, demonstrating that crypto exchange platforms can thrive by engaging in productive communications with relevant authorities. Bitstamp is now aiming to expand its operations by leveraging its reputation.

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