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AMDAX Secures First Cryptocurrency Service Registration With the DNB

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The Amsterdam Digital Asset Exchange (AMDAX) has completed what is described as The Netherlands’ first cryptocurrency service registration with the country’s apex bank De Nederlandsche Bank (DNB).

Per the official update from AMDAX, a client-oriented cryptocurrency exchange firm located in the country’s capital Amsterdam, the DNB’s approval was secured after diligently complying with the regulatory rules in line with Europe’s Anti Money Laundering guidelines (AMLD5).

Cryptocurrency services ranging from asset custody to trading and general investments have seen increasing growth within and outside Europe in the past couple of years. While the majority of countries within the European Economic Area (EEA) follow similar regulations to guide emerging business growth including blockchain technology, each country, with its Central Bank in charge has a personal guideline or requirement to permit digital assets services.

Valentino Cremona, AMDAX Co-Founder who also doubles as the cryptocurrency service provider’s director noted that the firm prides itself on being the first exchange in the Netherlands to secure the DNB’s registration. He stresses that the cryptocurrency markets need a clear regulation that will help clear the notion that digital currencies are used basically for organized crime and terrorist financing as Bitcoin itself is transparent.

“This registration shows investors that crypto is a mature asset class, not for criminals, but for smart investors,” he noted saying that following this registration, investors will now be able to invest in a regulated market in the Netherlands. The entire registration process took four months as it commenced on May 21, lasting four months. 

AMDAX cryptocurrency services will be offered taking cognizance of standard criteria for the assessment of clients and for tracing the origin of the money they plan to do business with the company with.

AMDAX Cryptocurrency Services Stride to Create More Inroads for Other Firms

The AMDAX cryptocurrency service company offers a wide range of services including crypto investments, custody as well as market analytics services. With an investment portfolio beginning at 2.5 BTC, the company notes that it provides asset custody insurance to provide an added level of guarantee to investors.

Europe has a team of startups who offer a broad range of cryptocurrency services. In a region with growing concern for cryptocurrency regulations, milestones such as that inked by AMDAX with the Dutch Central Bank is such that can set a bullish precedent for other startups in the country.

Just as it is the beginning of a thing that is usually the most difficult, the fact that AMDAX has broken past the regulatory hurdle holding back cryptocurrency startups from securing a nod with the DNB, a surge in future approvals in the country may not come as a surprise. Additionally, other European nations may take a cue from the DNB (also with a renewed vigor to pursue Central Bank Digital Currencies CBDCs) to permit the growth of blockchain and cryptocurrency businesses.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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No Immediate Plans to Launch CBDC

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The Assitant Governor of New Zealand’s central bank said that they will continue researching their CBDC in tune with global developments but haven’t been much keen on introducing it now in the country’s monetary system.

The CBDC mania is catching up with governments and central banks across the globe. On Monday, October 19, the Reserve Bank of New Zealand released a report clarifying its stand on a national CBDC.

Christian Hawkesby, the Assistant Governor of New Zeland’s central bank said that they are currently researching CBDC. He also adds that the central bank remains open to new technological developments in the payments sector. However, they don’t have any “immediate plans” to launch the CBDC in near future. But they would also have a close watch on global developments around CBDCs. The Assistant Governor added:

“Central banks around the world, including us, are researching retail central bank digital currencies (CBDC). Although we have no imminent plans to issue a CBDC, we are well-connected and considering these developments very closely. We are however following developments very carefully and are among 80 percent of the Central banks that are,banks that are actively researching CBDCs”.

Hawkesby further summarized the latest findings by the Bank of International Settlements (BIS) about countries working on their CBDCs. Firstly, CBDCs rely on a faster, cheaper, and more efficient infrastructure connecting global finance. On the other hand, it greatly helps to reduce dependency on physical cash that leaves too many people outside the global financial system.

Specifically talking about New Zealand, Hawkesby said that the access to cash was on a decline in the country. He also acknowledged the local banks for their contribution in helping its customers adopt digital payments. Hawkesby said:

“Today, the vast majority of New Zealand’s money balances are digitally represented, and banknotes make up just seven to nine percent of liquid money”.

CBDC Landscape Worldwide

While a few nations like China have accelerated its CBDC development, not all are moving in the same direction. The immediate neighbor of New Zealand, Australia, recently shared its stand on CBDC. It added that the country already has a robust digital payments infrastructure in place and doesn’t need to accommodate a CBDC.

Just yesterday, the U.S. Federal Reserve Chairman Jerome Powell said that they haven’t made a decision yet on issuing the Digital Dollar. Speaking at the panel hosted by the International Monetary Fund (IMF), Jerome Powell said:

“It’s more important for the United States to get it right than to be first. We are committed to carefully and thoughtfully evaluating the potential costs and benefits of a central bank digital currency for the U.S. economy and payments system. We have not made a decision to issue a CBDC. There are a number of ways that a CBDC might improve the payments system, and it is mainly this area that motivates our interest”.

Coming to Europe, the European Central Bank (ECB) is shifting gears to bring a pan-Europe digital currency. The ECB recently applied for the “Digital Europe” trademark which still remains in the research or the ideation phase. On the other hand, the U.K. has also been exploring and researching the Digital Pound.

CBDCs have certainly piqued the interest of central banks due to the technological benefits it brings to the market. However, very few central banks are willing to rush and bring their CBDCs to the market.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Mixed Reactions after Week-Long Public Test on Digital Yuan By PBOC

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Although the People’s Bank of China (PBOC) has not officially released a report on the test, analysts are positive on the overall score on the digital yuan public test.

The People’s Republic of China through the People’s Bank of China (PBOC) completed the one-week-long public test on the new Digital Yuan at the city of Shenzhen. However, there are mixed reactions on the project from the public opinion, analysts view and also from the Chinese regulators.

A selected group of Shenzhen residents received 200 digital Yuan in their digital wallets. The roughly $30 was used at designated outlets for easier monitoring. Having ended yesterday on Sunday, the test has been put under scrutiny by analysts, and other different market players.

China is seeking to spearhead the race on the central bank digital currency alias CBDC and as a result, overthrow the U.S. dollar as a global reserve currency. Notably, the country has been working on a project to make the existing blockchain projects interoperable, hence scaling the blockchain industry. It is a noble initiative that is meant to steer forward the crypto industry especially crypto adoption by both retailers and institutional investors. However, there are fears the country will have a huge control on the overall technology hence capable of spying and controlling global financial markets.

With China’s past history on data security management, the success of the digital yuan in the local market will significantly influence its global adoption. In addition, other countries can borrow from China’s experience in developing a successful digital currency.

Recently, the United States’ Federal Reserve, Japan’s Central Bank, Bank of England and Bank for International Settlements (BIS) collaborated to research on the best form of CBDC that can be implemented for the greater good.

The competition will on the bigger picture benefit the blockchain industry and the cryptocurrency industry. Moreover, digital assets and currencies can largely aid in flattening and reversing the coronavirus curve by avoiding human contacts through money exchange.

Digital Yuan Week-Long Test Review

According to media outlet Reuters, there is a faction of the public that feels the predominant payment methods like Alipay are much better than using the digital Yuan. Although the People’s Bank of China (PBOC) has not officially released a report on the test, analysts are positive on the overall score on the digital yuan public test.

According to Wang Shibin, co-founder of the cryptocurrency trading platform HKbitEX, “The event last week really means that the (digital yuan) has already moved from theoretical internal testing to real world practice.”

Notably, according to Shenzhen residents interviewed by Reuters, Alipay and WeChat that have been in the market for a long time offer similar services as the digital Yaun. Hereby choosing the former over the latter.

Perhaps the People’s Bank of China (PBOC) might be compelled to use incentives to propel the project ahead of the existing competitors. However, with China’s unpredictable nature, other radical mechanics might be deployed.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
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“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Bitstamp Announces Insurance Policy To Cover Crypto Crime

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According to a recent announcement, European-based cryptocurrency exchange Bitstamp is set to provide additional insurance cover for assets held by users of its platform.

Bitstamp, one of the oldest cryptocurrency exchanges today made this insurance move so as to wade off fears plaguing cryptocurrency exchanges as it relates to the theft of funds.

Users want security for their money and the promise of being immune to hacks and theft may only make an impression with a novice in the space. The major question exchanges ask is what would the continuity of the platform be in the case of the loss of funds either through internal theft or external hacking while users ask what would be the assurance of recovering their funds in the advent of such mishaps.

Bitstamp Insurance Is an Answer To Stakeholder’s Investment Questions

The stakeholders in this scenario include Bitstamp exchange and the customers who patronize the platform. Bitstamp already has an insurance package that covers cold wallet fund losses and this current insurance is aimed at funds lost through other avenues.

“Digital assets held at Bitstamp either offline or online and covers an array of crime-related cases, such as employee theft, loss while the assets are stored at any premises, loss in transit, loss caused by computer fraud or funds transfer fraud, and loss related to legal fees and expenses,” the exchange noted.

The Bitstamp crime insurance policy is offered by Paragon International Insurance Brokers in Conjunction with Woodruff Sawyer and underwritten by numerous Insurance Companies as well as some syndicates at Lloyd’s of London. As the exchange noted, a large chunk of the assets held on the platform amounting to about 98% is stored offline and has been insured, and the crime insurance package will cover other assets held online as well as those held during transit in a large range of undefined scenarios.

The Bitstamp insurance cover after been expanded to cover both internal and external losses positions the exchange arguably as one of the safest in the industry to date.

What Lack of Insurance Can Stir

The lack of a defined insurance cover can be the bane of any cryptocurrency exchange without one. Besides the competition, it would bring down the level of trust as most users are increasingly getting awareness and would rather patronize such exchanges with a robust insurance cover.

The antecedent by Bitstamp is not the first in the cryptosphere, Coinspeaker reported back in May that Bakkt exchange entered into an insurance partnership with Marsh Insurance to offer a cryptocurrency custody coverage estimated at about $500 million. The Bakkt insurance move further re-emphasizes the importance of insurance covers in the potential retail drive.

KuCoin exchange recently suffered a hack worth $150 million, the company’s initial response was to draw solace from its insurance cover, a position cryptocurrency exchanges aim to solidify as both the adoption as well as the associated risks keep increasing.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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