B2C2 Acquires Virtual Asset License in Luxembourg Ahead of MiCA Implementation in EU
B2C2 expands into Luxembourg by acquiring a virtual asset platform (VASP) registration to offer OTC crypto trading to institutional clients.
United Kingdom-based cryptocurrency trading firm B2C2 announced its expansion into Luxembourg by acquiring a local virtual asset platform (VASP) registration. This registration enables B2C2 to provide over-the-counter (OTC) spot cryptocurrency trading services to institutional clients and collaborate with local cryptocurrency services and traditional financial institutions.
“In line with our operations in the UK, US and Asia-Pacific, our office in Luxembourg will remain committed to providing unparalleled liquidity and exceptional service to our clients,” said Denzel Walters, Head of Luxembourg Office at B2C2 in a written statement.
The move comes in anticipation of the European Union’s forthcoming implementation of the Markets in Crypto Assets (MiCA) regulation, scheduled to come into effect on December 30, 2024, with stablecoin provisions set to be operational six months earlier in June. This timeline provides industry participants and regulators sufficient time to prepare.
“As B2C2 prepares for MiCA regulation to come into force, obtaining VASP registration in Luxembourg is a further milestone for B2C2, as Luxembourg is home to a rapidly expanding virtual asset community,” said Thomas Restout, CEO at B2C2.
The leadership of the Luxembourg branch will be assumed by Denzel Walters, formerly the business manager at B2C2’s London office. Before joining B2C2, Denzel Walters gained experience working at the Bank of England, the Prudential Regulatory Authority, and Optima Partners. Notably, B2C2 already holds a license from France’s Autorité des Marchés Financiers (AMF), obtained through its acquisition of Paris-based Woorton last year.
According to the Commission de Surveillance du Secteur Financier register website, B2C2 has become the 12th officially licensed cryptocurrency firm in Luxembourg, joining other licensed companies such as Bitstamp, PayPal, and Zodia Custody in the country.
B2C2 Prepares for MiCA Implementation
The extensive 150-page MiCA is grounded in the existing European Union rules governing securities trading. It mandates any company intending to provide cryptocurrency services within the European Union, encompassing activities such as custody, trading, portfolio management, or advice, to obtain authorization from one of the bloc’s 27 national financial regulators.
Additionally, companies offering cryptocurrency assets to the public are required to publish a white paper that is transparent, impartial, and communicates risks, ensuring that potential buyers are not misled.
After the implementation of MiCA, the European Union will become the first major jurisdiction globally to establish comprehensive and tailored regulations specifically for the cryptocurrency sector. This milestone is expected to inspire lawmakers and lobbyists in other countries, such as the United Kingdom and the United States, to follow suit.
B2C2’s strategic expansion into Luxembourg, coupled with its MiCA preparation, positions it as a critical player in the evolving cryptocurrency landscape, showcasing adaptability and commitment to regulatory compliance.
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