First MiFID II-regulated Crypto Exchange Blocktrade Launches Beta Version

Testers get some Monopoly money to test and trade on the platform before the live launch scheduled for this year.

Blocktrade, a Lichtenstein-based cryptocurrency exchange that is in the process of obtaining a multilateral trading facility (MTF) license under EU’s MiFID II framework, announced it has launched last week a beta version for testing.

The trial period ends on August 25, but the company has not indicated when the platform will go live.

While testing, the clients will get 25,000 EUR, 2.5 BTC, 25 ETH, 2.5 BCH, 2500 XRP and 25 LTC for demo trading.

Blockctrade will support BTC, ETH, LTC, BCH and XRP and the default fiat currency will be EUR. The listed cryptocurrencies can be traded against the EUR, BTC and ETH.

“We believe that if you operate an exchange and if you have an orderbook with a matching engine, you should also be regulated as an exchange. This removes the hurdles for traders (retail and institutional alike) to access the new asset class as the full MiFID II compliance makes us more transparent, reliable, trustworthy and enables equal access for all,” Blocktrade’s CEO Luka Gabo said in a blog post on Medium.

So far, the European Union has not come up with a unified position and regulatory requirements for the cryptocurrency exchanges operating on its territory.

Being licensed under the MiFID II that came into effect in the beginning of 2018 requires financial institutions to prove they have acted fairly, honestly and professionally in the best interest of their clients, comply with a number of capital, transparency and reporting requirements.