Digital Securities Exchange: UK Start-up Leads Way in Regulation of bitcoin Trading Platforms
Bitcoin controversy continues to engage its opponents, advocates and bystanders with spectacular price moves and newsworthy security breaches of market leaders. However, benefits of bitcoin over traditional forms of payment including significantly lower transaction fees, absence of chargebacks, and no intermediaries are difficult, if not impossible to underestimate.
Mostly unregulated, digital currency is subject to hot debate among businesses, politicians, financial institutions, and regulators around the globe. The decentralised nature of bitcoin poses many fundamental questions relating to how digital money should work in the world of traditional currency regulations. Many see that the current regulatory regime does not reflect the disruptive nature of bitcoin.
DSX has chosen to take an alternative approach by drawing parallels between e-money as an established and regulated product and digital currency.
The DSX team, led by Mike Rymanov, as CEO, established Digital Securities Exchange (DSX) using the Electronic Money Regulations 2011 principles at its core. In order for DSX to stay compliant it was registered as an agent with the FCA regulated company ePayments Systems Ltd (ePayments). This simple, yet very effective move, produced something entirely unique – by running all transactions via ePayments, DSX forced bitcoin into the regulated environment.
“We strongly believe that we are on the verge of drastic changes to the way people are paying and getting paid. When using digital currency, individuals and businesses should be confident that priorities are placed on safety and accessibility of funds. Regulations are there to make sure that these priorities are always met”, says Mike Rymanov.
DSX
Similar to traditional regulated financial institutions, the DSX association with ePayments guarantees that all traders are subject to comprehensive customer due diligence procedures and AML checks. Furthermore, all traders’ funds are kept in segregated, and ring-fenced, clients’ funds e-money accounts ensuring its safety.
DSX is a natural stepping-stone towards creating a true hybrid e-money/digital currency trading and payments platform. Based on a tried and tested regulatory regime, yet embracing new technology, Digital Securities Exchange is set to change the world – one bitcoin at a time.
DSX website: http://dsx.uk/
ePayments Systems
ePayments Systems is run by that same management team behind DSX. ePayments provides a cost-effective, fast and secure way for companies and individuals to make and receive payments across international borders. ePayments is regulated by the FCA.
ePayments Systems website: http://www.epayments.com/
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