BREAKING NEWS: Denmark makes it LEGAL to establish Bitcoin Exchanges
BREAKING NEWS: Denmark makes it LEGAL to establish Bitcoin ExchangesPosted By Crypto on Dec 17, 2013 | 1 comment
Legal with Bitcoin exchanges in Denmark?
Legal with Bitcoin exchanges in Denmark?
Today the Financial Supervisory Authority of Denmark announced their newly created routines for cryptocurrencies like Bitcoin and Litecoin. First of all, they warn us against cryptocurrencies saying that:
You risk to lose all your cryptocurrencies at a currency exchange
You risk to get your cryptocurrencies stolen from your digital wallet
The cryptocurrencies may not be used as a payment method in the future, and you may be unable to exchange your digital money with real money (fiat)
The value of your virtual money can change very rapidly and it can in principle fall to 0
Virtual valuta can be used for criminal activities
To buy and sell cryptocurrencies can have consequences regarding to taxes.
These seems to be all bad news, but there is a great message behind all this “propaganda of fear”. They have decided that Bitcoin-businesses are not going to be regulated by the current financial regulation in Denmark. They have accepted that Bitcoin companies that wants to establish Bitcoin Exchanges in Denmark does not need any approvals by the financial authorities.
They say:
…companies does not need any permissions to be able to establish their operation in Denmark if they want to run Bitcoin Exchanges that also include exchanging real money…
The Financial Supervisory Authority of Denmark has said that doing business with Bitcoin and other cryptocurrencies can not be compared with doing business with electronic money, payment services, currency exchanges, or brokerage. Bitcoin activities are not affected by the current financial regulation.
You can download the EBA warning that the Financial Supervisory Authority of Denmark has relied upon here.
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