A prominent trading platform that provides services related to cryptoassets has recently received the green light to operate within Germany, adhering to the Markets in Crypto-Assets Regulation. This regulatory approval signifies a significant step forward for the platform in establishing its presence in the German market.
All trading of cryptoassets by German clients will now take place directly through the platform’s European division, marking the end of trading services previously facilitated by DLT Finance. In line with these changes, clients are required to agree to revised Terms and Conditions in order to continue their trading activities. A notification prompting this acceptance will appear upon login to the platform.
For those who choose not to accept the new terms, their access to trading services will be revoked; however, their existing assets will remain safely stored under the custody of Tangany GmbH. Additionally, clients can withdraw their assets to a different custodian, provided they follow the appropriate procedures established by Tangany.
At present, the custody arrangements for cryptoassets remain unchanged, though there are indications that the platform might assume custody responsibilities in the future. Should there be any updates regarding custody arrangements, users will be notified ahead of time.
It is worth noting that while authorized under the MiCA framework, the platform does not function as a classified MiCA trading platform. Instead, transactions are processed through the platform acting as the counterparty, which can occur outside regulated trading venues.
The platform has also expanded its cryptoasset offerings, incorporating five new tokens, which include innovative solutions categorized as Layer-2 and DeFi assets. However, it’s important to highlight that these new assets will not be accessible to users in certain regions, such as the U.S. and Australia, among others. Users can still engage with a diverse range of over 100 cryptoassets while the platform continues to operate under MiCA and MiFID regulations, thus ensuring compliance and safeguarding investor interests.
In an effort to enhance the user experience for European clients, the platform has introduced new deposit options. Users can now fund their accounts using credit cards or bank transfers in eight different local currencies, which simplifies the onboarding process and reduces some foreign exchange fees.
Additionally, the platform has recently launched a do-it-yourself Individual Savings Account (ISA) in the UK, supplementing its existing managed ISA service. This initiative allows clients to explore a large assortment of over 1,000 assets for both self-directed and professionally managed investment opportunities.
Another noteworthy development is the filing for a U.S. Initial Public Offering (IPO) with the SEC, marking a strategic move to expand its operations in the American market. This comes in the wake of a previous attempt at a SPAC merger that did not come to fruition in 2021.
Overall, the advancement of cryptoasset services in Germany reflects the ongoing evolution of regulatory frameworks in the financial industry, emphasizing a commitment to compliance and consumer protection. By adapting to these regulations and expanding service offerings, the platform is poised to strengthen its foothold in the competitive landscape of crypto trading and investment.