European Businesses Can Smoothly Adapt to Cryptocurrency Under New EU Rules
Cryptocurrency is entering the mainstream but Europe is still trailing behind in adopting it. According to a study, 17% of Europeans have incorporated cryptocurrencies but the global average stands at 23%. In Australia, 20% of businesses embraced cryptocurrencies followed by the US at 18%.
COVID-19 has badly affected many businesses and it may take more than a decade to regain its flourishing status. Many businesses around the world survived the lockdown because they adopted digital solutions. Blockchain technology served as a game-changer.
European businesses looking to embrace cryptocurrency can choose a reliable exchange to buy bitcoin in Euros Fees for high net worth B2B transactions. Suissebase allows B2B clients open accounts for free. They have an app compatible with smartphones and iPhones, which allows controlling your crypto trades on the go.
Stablecoins are virtual currencies designed to maintain stable value because they are pegged to a specific currency. Stablecoins pegged with euros help to maintain the currency’s reliability and credibility, while providing cryptocurrency’s mobility and utility. In the EU, the new MICA [Markets in Crypto-Assets] rules need cryptocurrency businesses to have a license. Stablecoin issuers must compulsorily hold assets as banks have.
The crypto-service providers are liable for the loss of investors’ assets and encounter EU market abuse regulations. New crypto investors receive protection against scams and fraud. It is a great benefit to people who are unaware of whom to approach during dilemmas.
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Cryptocurrency adaptation can be beneficial to European businesses in a couple of ways. Business owners who are interested but cautious about exploring blockchain technology need to roll out a payroll program where you can pay employees in stablecoins pegged with the euro.
You can compensate staff working from across the borders at any time without depending on banks. You can keep the payroll expenses as well as recipients’ information away from the balance sheet. Crypto payment will help to improve privacy and confidentiality.
There have been hacks, which have increased the concern but the blockchain is capable of anonymity and transparency. Crypto users can verify data legitimacy like online transactions or identity without revealing real details associated with that data.
Business and users’ information stays recognizable and verifiable. Simultaneously, the information cannot be touched by malicious-minded criminals. For extra security, choose the Suissebase exchange because it offers bank-like protection to your custodian crypto wallet.
Few European countries have already set their basic crypto regulations. EU aims to bring rules aligned across the federation so that the crypto business of one country will offer services seamlessly to member states. A provisional agreement for the federation was signed but the final approval is anticipated to get introduced by 2024. It includes preventive measures of stopping money laundering, market manipulation, terrorist funding, and other criminal financings.
To stop illicit transfers as well as block doubtful transactions there is a need to store information about the sender and beneficiary as soon as crypto assets change hands. The crypto service provider will need to hand this data to criminal activity investigation authorities.
Suissebase operation is compliant with ARIF standards. They have passed lots of financial, technological, and even anti-money laundering audits. You can approach them!