FinFX-Inspired Cryptocurrency Exchange Looks to Make Most of Finland’s Unique Bitcoin Rules

A new Bitcoin exchange, FinCCX, was launched on January 22 in Finland. A partner company of FX broker FinFX, based in Imatra, Finland,

A new Bitcoin exchange, FinCCX, was launched on January 22 in Finland.

A partner company of FX broker FinFX, based in Imatra, Finland, the exchange was inspired by management and trader interest in bitcoin.

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One of the unique features of the exchange is its maker-taker commission model. The majority of such models charge a standard fee to market takers who remove liquidity from the market with immediately executable orders. Market makers, who add liquidity through the entry of orders not immediately executable, are rewarded with either reduced or no fees.

FinCCX is a rare example of a Bitcoin exchange rewarding market makers with a rebate, worth 0.05%. Market takers are charged 0.35%, roughly average for the industry. The rebate may help attract traders and build up liquidity, which is currently fairly thin: open orders amount to roughly 32 BTC, although the spread is only 0.04%.

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Another unique feature is its planned launch of a downloadable desktop software version of the exchange. Practically all such exchanges in the industry are browser-based. The software version aims to attract professional traders.

Interestingly, trading is denominated in USD, not the local euro. Elena Umanets, the exchange’s marketing manager, told DC Magnates that the euro may be added in the future, as well as possibly other coins if sufficiently popular.

Finland is one of the more unique countries when it comes to digital currency regulations. Late last year, it went against the grain of most of Europe–and the world–in considering digital currencies payment instruments, not goods or commodities. Bitcoin purchases are therefore financial services, thereby exempting commissions from VAT.

Umanets said the decision was made in response to FinCCX’s inquiry to tax authorities on the matter. Also pointed out was the fact that Europe’s first bitcoin ATM was reportedly installed in Finland, and that the country is home to cutting edge technology. All this combined, Finland can be considered an ideal ground for the bitcoin ecosystem in the future.

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