Bitcoin trading in Monaco is progressing smoothly. The country's financial regulator, the Monetary Authority of Monaco (MAM), has granted a license to operate a cryptocurrency exchange to a local startup called Crypto Factory. The license was granted on the condition that the exchange will implement KYC and AML procedures. Visit bitcoin revolution for knowing complete details.
The company plans to offer its services to both individuals and institutional investors. It will also allow users to trade cryptocurrencies against fiat currencies, as well as against other digital assets.
Crypto Factory is not the only crypto exchange licensed by MAM. Another local exchange, known as Lykke Exchange, was also granted a license back in October 2018.
At the moment, there is no information on when exactly the Crypto Factory exchange will launch. However, given that all the necessary regulatory approvals have been obtained, it is likely that the platform will go live in the near future.
The news of Bitcoin trading getting licensed in Monaco comes as a positive development for the cryptocurrency industry. In recent times, several countries have either outright banned cryptocurrency trading or put in place stringent regulations that make it difficult to operate exchanges.
The fact that Monaco is taking a more welcoming approach toward cryptocurrencies is likely to encourage more businesses to set up shops in the country. This, in turn, could lead to an increase in the number of people who are exposed to cryptocurrencies and their potential benefits.
It remains to be seen how successful Crypto Factory will be in its operations. However, the exchange will no doubt be closely watched by the cryptocurrency community, as it could set the precedent for other countries to follow suit.
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Role of Bitcoin Trading in Monaco Economy
Since its inception, Bitcoin has been labeled as a volatile asset by investors and analysts. Nevertheless, the digital currency has made significant inroads into mainstream finance in recent years. One of the most notable examples is its usage in online gambling.
In Monaco, online gambling is a legal and regulated activity. The principality’s casinos have long been popular tourist destinations, drawing in visitors from all over the world. In recent years, however, Monaco’s government has been looking for ways to diversify the economy and bring in more revenue.
Online gambling has been seen as a way to do this. Monaco-based casinos were quick to embrace Bitcoin and offer it as a payment option to players. This move was largely motivated by the fact that Bitcoin allows for near-instantaneous and borderless payments. Players from all over the world can deposit and withdraw funds in Bitcoin without having to go through the hassle of traditional banking systems.
The use of Bitcoin in online gambling has been a boon for Monaco’s economy. The Principality’s government has been able to collect taxes on winnings, as well as on the commission charged by casinos for facilitating transactions. Moreover, the increased foot traffic to Monaco’s casinos has also had a positive impact on other businesses in the city-state, such as hotels and restaurants.
As Bitcoin continues to gain mainstream adoption, it is likely that we will see even more businesses in Monaco start to accept the digital currency. This would further solidify the Principality’s position as a forward-thinking and globally-connected financial center.
Future of Bitcoin Trading in Monaco
Bitcoin trading has been on a tear in recent months, with the value of the cryptocurrency soaring to new highs. But what does the future hold for Bitcoin trading?
In Monaco, a small principality on the French Riviera, Bitcoin trading is already taking place. The Monaco Stock Exchange (MSE) launched a digital currency exchange in July 2017 and has seen steady growth since then.
The MSE is not the only exchange in Monaco that offers Bitcoin trading. The Global Digital Asset Exchange (GDAX) also operates in the country.
Coinbase, one of the largest cryptocurrency exchanges in the world, plans to open an office in Monaco. The company is currently hiring employees for its Monaco operations.
The presence of Coinbase and other major exchanges in Monaco is a sign that the country is becoming a hub for Bitcoin trading.
Monaco has also attracted attention from other parts of the world. In September 2017, the Japanese cryptocurrency exchange Coincheck announced that it would open a subsidiary in Monaco.
Coincheck is just one of many Japanese companies that have been looking to expand into the Monaco market. Other Japanese firms with a presence in Monaco include Monex Group, GMO Internet, and bitFlyer.
The growing interest from Japanese companies is a result of Monaco's favorable tax regime. Monaco does not levy any capital gains taxes on cryptocurrency profits.
