London-based liquidity supplier B2C2 has secured regulatory approval from Luxembourg’s Monetary Sector Supervisory Fee (CSSF) to function as a digital asset service supplier (VASP).
Granted on Jan. 26 a brand new authorization allows B2C2 to increase its cryptocurrency liquidity companies together with over-the-counter (OTC) spot crypto companies to institutional purchasers throughout the European Union.
With this approval, announced on Feb. 7, 2024, B2C2 turns into the twelfth entity formally registered on the CSSF’s public record.
The transfer comes at a important time because the European Union gears up for the implementation of the Markets in Crypto Belongings (MiCA) regulation. MiCA is ready to establish the EU as the primary main jurisdiction globally with a complete regulatory framework for the cryptocurrency sector.
B2C2’s strategic growth into Luxembourg follows its recent acquisition of Paris-based Woorton in August of the earlier yr, which facilitated acquiring a license from France’s Autorité des Marchés Financiers (AMF).
Thomas Restout, the group CEO of B2C2, remarked on the significance of securing the VASP registration in Luxembourg, particularly in gentle of the approaching MiCA regulation. He famous Luxembourg’s growing virtual asset community and B2C2’s eagerness to contribute to its growth.
Denzel Walters has been appointed to guide B2C2’s Luxembourg division, bringing his regulatory experience from his tenure on the Financial institution of England and different monetary establishments to the forefront of B2C2’s operations in Luxembourg.
The CSSF’s approval expands B2C2’s operational scope, enabling it to supply a variety of change companies between digital belongings and fiat currencies, thus broadening its capabilities within the digital asset market. That is anticipated to boost B2C2’s choices to its institutional client base, positioning the agency for larger participation within the evolving digital asset panorama.
The event follows B2C2’s current introduction of a brand new safe net interface for its OTC cryptoassets merchants. The characteristic permits for real-time execution of trades on a two-way market, facilitating quick order execution for high-volume merchants. This growth is especially helpful for hedge funds, institutional traders, and high-net-worth people engaged in OTC cryptocurrency buying and selling, providing benefits similar to no slippage, quicker settlement of huge trades, and enhanced buying and selling effectivity.