BTSE Moves Base from Dubai to the British Virgin Islands

BTSE, a crypto spot and futures Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, has moved its business from Dubai to the British Virgin Islands, citing lack of proper regulation in its former base

Announced on Wednesday, the company has established BTSE Holdings Limited in the British Virgin Islands last October and is gradually transitioning all its business to the Caribbean islands.

"We have been gradually transitioning to the British Virgin Islands and continue to monitor the global regulatory landscape," the exchange noted. "As a Cryptocurrency Exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term, we continue to be agile and responsive to regulatory updates and evolve together with the global legal landscape."

The exchange detailed that it chose Dubai as its headquarters, given the UAE lawmakers' commitment to bringing proper crypto regulations.

"We were further informed that the Commercial Brokers and Payment Services Provider licenses would suffice in the interim. By September 2018, we had finalized the paperwork for two entities and proceeded to integrate banking solutions to power our fiat on- and off-ramps," the official announcement added.

Quest for a crypto heaven

Now it's pointing out the failure of Dubai lawmakers' inability for concrete progress in bringing crypto regulations and decided that "continuing BTSE's operations under the existing framework would not be feasible in the long term."

Similar to Dubai, BTSE also pointed out the lapse in bringing frameworks in other jurisdictions, specifically Malta, which once promoted itself as crypto heaven. Notably, major crypto exchanges, including Binance and OKEx, are registered in Malta.

Meanwhile, crypto derivatives exchange Deribit also decided to move its base from the Netherlands to much-friendly Panama and will begin operations under the newly registered entity from February 10. Per the company, the recently enforced the Fifth Anti-Money Laundering Directive (5AMLD) is "very strict" and will compel crypto exchanges to gather a massive amount of data from its customers.