Even though Bitcoin has been considered one of the worst investments of 2014, the digital currency is catching the attention from investors around the world. Traders are still willing to bet their money on Bitcoin provided their investments are safe – understanding this British startup DSX has brought in Bitcoin trading into regulated environment.
A lot of trouble for Bitcoin traders is that unlike traditional Forex trading, Bitcoin is unregulated. They feel the unregulated Bitcoin trading won’t be a great idea for them and they have pretty fair chances of losing their investments. However, DSX has chosen to take an alternative approach by drawing parallels between e-money as an established and regulated product.
The idea of forming the company came from Mike Rymanov, as CEO who established Digital Securities Exchange (DSX) using the Electronic Money Regulations 2011 principles at its core. He showed his interest in making the company legal compliant and for that he got it registered as an agent with the FCA regulated company ePayments Systems Ltd (ePayments).
This is being considered a major step towards regulated Bitcoin trading services that DSX is going to offer for its customers. Mike Rymanov says that his company strongly believes that it is on the verge of drastic changes to the way people are paying and getting paid. Regulated Bitcoin trading is definitely a positive step for his company.
Easy and Safe Trading Made Sure
Rymanov is of view that when using digital currency, individuals and businesses should be confident that priorities are placed on safety and accessibility of funds, and according to him regulations are there to make sure that these priorities are always met. Nonetheless, with the measure, it will be able to attract the traders who were away due to insecurity.
Nonetheless, DSX is also following the steps that are being followed by the traditional regulated financial institutions as it guarantees that all traders are subject to comprehensive customer due diligence procedures and AML checks. Moreover, as all traders’ funds are kept in segregated, and ring-fenced, traders have complete security of their funds.
Bitcoin observers believe that DSX is a natural stepping-stone towards creating a true hybrid e-money or digital currency trading and payments platform. Traders will now be able to reap benefits of Bitcoin over traditional forms of payment including significantly lower transaction fees, absence of charge-backs, and no intermediaries, etc.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org