BlockTrade Platform Targets MiFID II Compliance in the European Union

Regulation 1 min, 33 sec READ

by William A. Ebbs

Blocktrade to comply with MiFID II a new European regulatory guideline designed to protect investors and ensure transparency in financial markets

European authorities are looking to further integrate cryptocurrency into their regulatory framework with blocktrade.com, which, if approved by the Financial Markets Authority, will be the first MiFID II compliant digital asset exchange. The Liechtenstein-based firm launched its beta testing phase last week, and the rollout process will last until August 25. The platform is expected to launch fully by September of this year. 

Right now, the Blocktrade platform offers almost full functionality. The team is hoping users will test the platform and provide feedback, adding that "Trading on the beta functions the same as if it was live". Registered users will be able to trade major assets such as Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), and Ether (ETH) against the euro (EUR). Clients will be given 25,000 EUR, 2.5 BTC, 25 ETH, 2.5 BCH, 2500 XRP, and 25 LTC for demo trading until the platform goes live. 

Cryptocurrency Regulation in Europe 

Unlike other major regions, the European Union does not have a unifying framework for cryptocurrency regulation across all its member states. MiFID II is a new European regulatory guideline designed to protect investors and ensure transparency in financial markets. While the rules do not specifically target crypto, they do represent a framework for introducing cryptocurrency into Europe's financial mainstream.  

MiFID Licensing will require Blocktrade to comply with several requirements related to capital, transparency, and reporting. Adherence to these requirements could make the platform more enticing to security-conscious investors in both the institutional and retail segments of the market. Many expect regulated digital asset exchanges, along with cryptocurrency-based derivative securities, to have a positive impact on the value of cryptocurrencies because they increase the amount of capital available to the asset class and could make them more mainstream.