Crypto Exchange Bitstraq Gets Malta’s VFA License, Plans Security Token Trading Platform
Bitstraq becomes one of the first crypto exchanges licensed under Malta’s new VFA law. The company hopes to operate a security token trading platform soon.
Bitstraq Exchange announced on Saturday that it had received one of the first crypto exchange licenses under Malta’s new Virtual Financial Asset (VFA) law. Under this law, which took effect on November 1, 2018, Bitstraq’s VFA Class 4 license allows it to provide cryptocurrency and token trading services. The company now offers a platform where investors can bet on five pairs that include major cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The exchange operator plans to add more coins and tokens. Moreover, Bitstraq is keen to enter and dominate the security token market.
Speaking about the new license, Bitstraq Exchange CEO Angelo Jansen said:
“At Bitstraq, we aim to provide our users with the most secure exchange. We believe in fair Crypto regulations, that is the reason we obtained the VFA Licenses.”
Bitstraq wants its platform to integrate Sentinel Protocol and artificial intelligence (AI) technology to ensure a high degree of security. Sentinel Protocol is a decentralized crowdsourced platform that enables exchanges around the world to share relevant information on suspected users. With the help of AI, the crypto exchange operator intends to spot hackers and bots on its platform.
After fully setting its cryptocurrency operations, Bitstraq plans to apply for more licenses to give it the right to operate a security token-oriented trading platform. The STO space is expected to reach about $2 trillion by the end of next year, the company says.
“Security tokens are the next mega-trend in cryptocurrency and we expect the traditional financial markets to move into blockchain. When the STO market opens up further, Bitstraq will be the destination for institutional and private players to trade the tokenized assets; Utility Tokens, Coins & Security Tokens.”
Last week, we reported that fintech firm BANKEX is also applying for a number of licenses under the Virtual Financial Assets Act (VFAA). The company wants to provide STO solutions in full compliance with regulations.