Why Legal Foundation is Key By CoinQuora

• eToroX, LMAX, Coinbase (NASDAQ:), Gemini, and Kraken are some exchanges that follow compliance regulations.
• Switzerland, Liechtenstein, and the UAE are countries that are big on crypto regulation.
• TRES DLT DMCC were licensed to perform OTC trades in the UAE crypto market.

Many people celebrate cryptocurrencies for their unique qualities in the finance world. The fact that they are immutable, decentralized, and you can use them to send any amount of money anywhere in the world with little time makes them desirable.

However, many have feared them for these same reasons because criminals can easily use them for their nefarious activities. That’s why more governmental authorities are stepping in with regulations to curb these activities.

This article will consider some examples of exchanges that are compliant with regulation guidelines, some countries that go big on crypto regulation, and one company that has achieved a unique feat in the United Arab Emirates.

Examples Of Regulated Crypto Exchanges

Many of the big exchanges have acquired licenses in one way or another. Most of these licenses are in advanced countries that have recently been at the forefront of crypto regulations. For example, Binance has not registered its exchange in the US but launched a US-specific variant called Binance US in 2019.

Also, itBit, a highly reputable exchange launched in 2013, is regulated under the NFS(New York Department of Financial Services) and is subject to financial rules like the US Bank secrecy act and the US patriot act, among others. It is one of the stellar examples of crypto regulation in the modern world.

Other examples of crypto exchanges that are regulation-compliant in certain countries are:

• eToroX: Registered under the German Federal Financial Supervisory Authority.
• LMAX: Registered under the United Kingdom’s Financial Conduct Authority.
• Coinbase: Registered as a money service business under the United States Financial Crimes Enforcement Network(FinCEN) and the UK’s FCA
• Gemini: Registered with the New York State Department of Financial Service(NYSDFS).
• Kraken: Being one of the oldest exchanges, it has licenses in many countries, namely
  • (FinCEN)Financial Crimes Enforcement Network in the US
  • (FCA)Financial Conduct Authority in the UK
  • (FSA)Financial Services Agency in Japan
  • (FINTRAC)Financial Transactions and Reports Analysis Center in Canada
  • (AUSTRAC)Financial Transactions and Reports Analysis Center in Australia

Countries That Are Big On Crypto Regulation

• Switzerland: Cryptocurrencies and crypto exchanges generally can operate fully in the country as long as they are registered, licensed, and regulated under the Swiss Financial Market Supervisory Authority(FINMA).
• Also, the exchanges have to enforce strict KYC regulations in compliance with Anti-Money Laundering(AML) and CFF(Combating the financing of terrorism) acts.
• Liechtenstein: Cryptocurrencies are legal in Liechtenstein too, but they…