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Luxembourg embraces bitcoin by approving bitcoin exchange
Economics

Luxembourg embraces bitcoin by approving bitcoin exchange

25.04.2016 From our online archive
Luxembourg has greenlighted Bitstamp as the first fully licensed bitcoin exchange in Europe. The company will open its headquarters in the Grand Duchy on July 1.

(AP) Luxembourg has granted one of the longest-standing bitcoin exchanges a licence as a fully regulated payment institution.

Finance Minister Pierre Gramegna gave the stamp of approval to Bitstamp, a Europe-based bitcoin exchange, by signing the licence.

It means the Bitstamp will become the first fully licensed bitcoin exchange in Europe, going into effect on July 1, when their new headquarters in Luxembourg will be fully operational.

Bitstamp's license is passportable into the 28 EU member states providing all European customers with a robust, secure platform for bitcoin trading.

Bitstamp has simultaneously launched BTC/EUR trading to better serve the European markets, and is offering free trading in BTC/EUR for both new and existing customers for 30 days.

History of Furthering Innovation

Luxembourg's Minister of Finance Pierre Gramegna said: "Luxembourg has a long-standing history as an international leader in innovation. That Bitstamp has chosen Luxembourg as its European hub only strengthens that reputation. I believe this announcement marks a milestone for bitcoin and digital finance in Europe. Bitstamp is a most welcome addition to Luxembourg's fintech ecosystem.”

Bitstamp is the first and only nationally licensed bitcoin exchange. Established in 2011, Bitstamp is a marketplace allowing people from all around the world to securely buy and sell bitcoin. Bitstamp has raised a 10m USD Series Seed round from blockchain venture capital firm Pantera Capital.