Panama relocation of Deribit: farewell-EU other exchanges?

The Dutch stock exchange pulls the ripcord and The strict EU directives the operator of the platform deviates by moving to Panama.

Stock market responds to stricter rules in the EU

The small country of Panama is many consumers are still in a good or rather a bad memory. The so-called “Panama Papers” contained information on many major investors and companies in the tax haven, especially about letter-box companies brought money to the local Treasury in safety. At the expense of taxpayers in many countries. Panama is also popular because of its legal openness to sectors of the economy, just in the EU are increasingly under surveillance. In the current example, the stock market Deribit this fact is confirmed once more. As a provider of derivative trading in the area of digital currencies, from Bitcoin to Zcash, the operator primarily real industry connoisseurs a term.

The fight against money laundering and the end of anonymity as a move reason

Now the decision has fallen: The Dutch crypto-derivatives exchange the company’s Deribit B. V moves and looking at Panama as a new location out. As a reason the company calls the increasingly stringent legal situation in the European Union. It is, as expected, the international Anti-money laundering policies (AML), which do not implement long-only countries in the EU step by step into the fact. Added to this are the high requirements in the field of identification of platform-to users in accordance with the KYC regulations. KYC is here known for “Know Your Customer”. These rules referred to in many places in the future by state regulation for all types of cryptographic services from Wallet providers and exchanges to those portals, which allow trading with crypto-derivatives.

Many countries want to legally ensure clarity for the crypto market

Between the announcement and implementation of the relocation of Deribit B. V as an operator of the eponymous stock exchange, there is no much time. The Handover of the business and responsibility of the subsidiary company, DRB Panama Inc. should follow in a month at the 10.02.2020. So the latest news of the stock market to say it. Even if the company is from the Netherlands may belong to the big names of the industry. The new regulations, which apply, for example, in Germany, by the new Blockchain strategy, and reporting obligation to BaFin, there could be consequences. Skeptics should keep right, can also move to many other European-based service providers headquartered in other States with lower regulatory hurdles.