B2C2 obtains virtual asset license in Luxembourg ahead of MiCA implementation in EU
Posted: February 7, 2024 5:33 AM Updated: February 7, 2024 5:34 AM
Correction and fact check date: February 7, 2024, 5:33 AM
briefly
B2C2 has expanded into Luxembourg by obtaining a virtual asset license to offer OTC cryptocurrency trading to institutional clients.
B2C2, a UK-based cryptocurrency trading company, announced its entry into Luxembourg by obtaining local virtual asset platform (VASP) registration. This registration allows B2C2 to provide over-the-counter (OTC) spot cryptocurrency trading services to institutional clients and collaborate with local cryptocurrency services and traditional financial institutions.
“Currently aligned with our operations in the UK, US and Asia Pacific, our Luxembourg office is committed to providing unrivaled liquidity and exceptional service to our clients,” Denzel Walters, head of B2C2’s Luxembourg office, said in a written statement. Yes.
The move anticipates the imminent implementation of the Markets in Cryptocurrency Assets (MiCA) regulation in the European Union, which is scheduled to come into effect on December 30, 2024, with stablecoin provisions scheduled to come into effect six months earlier, in June. This timeline provides sufficient time for industry participants and regulators to prepare.
“Obtaining VASP registration in Luxembourg is another milestone for B2C2 as we prepare for the implementation of MiCA regulations, as Luxembourg is home to a rapidly expanding virtual asset community,” said Thomas Restout, CEO of B2C2.
The leadership of the Luxembourg office will be Denzel Walters, previously business manager of B2C2’s London office. Before joining B2C2, Denzel Walters gained experience working at the Bank of England, the Prudential Regulation Authority and Optima Partners. Notably, B2C2 already holds a license from France’s Autorité des Marchés Financiers (AMF), which it acquired through its acquisition of Paris-based Woorton last year.
According to the Commission de Surveillance du Secteur Financier registration website, B2C2 becomes the 12th officially licensed cryptocurrency company in Luxembourg, joining other licensed companies such as Bitstamp, PayPal and Zodia Custody in the country.
B2C2, preparing for MiCA implementation
The extensive 150-page MiCA builds on existing European Union rules governing securities trading. It mandates that any company seeking to provide cryptocurrency services within the European Union, encompassing activities such as custody, trading, portfolio management or advice, must obtain approval from one of the bloc’s 27 national financial regulators.
Additionally, companies offering cryptocurrency assets to the public must publish white papers that are transparent, fair, and communicate risks to avoid misleading potential buyers.
After MiCA goes into effect, the European Union will become the first major jurisdiction in the world to establish comprehensive and tailored regulations specifically for the cryptocurrency sector. This milestone is expected to inspire lawmakers and lobbyists in other countries, including the UK and the US, to follow suit.
B2C2’s strategic expansion into Luxembourg and MiCA readiness plays an important role in the evolving cryptocurrency landscape and demonstrates its adaptability and commitment to regulatory compliance.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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