Last week it was reported that New York’s Attorney General is increasing the pressure on digital currency exchanges to increase transparency (Floyd 2018). The primary argument being raised by the ‘Virtual Markets Integrity Initiative’ is that exchanges need to ensure that investors have all of the information they need in order to understand the risks and protections afforded them.
There’s no arguing that as cryptocurrencies soared in popularity, digital currency exchanges proved to be unreliable. According to the Wall Street Journal, hacks, thefts and service disruptions were common, costing investors about $1.4 billion since 2014.
Digital currency exchange Tradebits is leading the charge of regulatory compliance by staying close to DNB (Central Bank of the Netherlands). Committed to a stable financial system: stable prices, solid financial institutions and properly functioning payment transfers, DNB has communicated that they will keep Tradebits informed of new developments with regards to regulation.
According to Tradebits CEO, Waseem Sadiq, “Until formal regulation is finalized we will act like there is regulation by anticipating regulation and designing our processes accordingly. Together with the Dutch Tax Authorities we are discussing a collaboration model of horizontal supervision.”
Horizontal supervision has a number of advantages:
Single point of contact with tax authorities
Short communication lines for quicker resolution
Adapted supervision (E.g. inspections and queries)
Sadiq continues, “By making good agreements with all parties involved in the tax processes, Tradebits will be able to quickly solve issues where regulation is not yet clarified.”
About Tradebits
Headquartered in The Hague, The Netherlands, Tradebits is building the digital currency trading platform for the next 100 million users. It is the most high-performance, flexible and reliable digital currency exchange platform, capable of scaling and handling an unparalleled number of users and transactions per second and adaptable to the skill level of any trader.
Tradebits uses the same principles that power and secure the world’s most demanding stock exchanges. One of Tradebits’ hallmark features it it’s configurability to match the sophistication level of every cryptocurrency trader. Users of the exchange will have access to 24x7 live customer service as well as a myriad of 3rd party trading apps and resources through the Tradebits Marketplace. Tradebits gives back to its community by using 40% of all trading fees for the continuous purchase of XBITS tokens across various exchanges to generate upward price pressure.
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Read our whitepaper: https://tradebits.co/whitepaper
Project Status: Exclusive investor presale on now!
Reference
Floyd, D 2018, What Crypto Exchanges Are Saying About New York’s New Inquiry, viewed 17 April 2018, http://www.coindesk.com/crypto-exchanges-saying-nys-new-inquiry/.