Crypto exchange Bitvavo, domiciled in Amsterdam, Netherlands, has partnered with the US-based stock exchange Nasdaq. The partnership aims to screen both markets for suspicious and potential illicit activities.
Interestingly, the signed agreement will aid Bitvavo in complying with the European Union's (EU) Markets in Crypto Assets (MiCA) regulations. It will also enhance digital assets sales by regulating crypto assets trading.
As stated in a press release on July 31, "With this agreement, Bitvavo is seeking to further enhance the trust, transparency, and integrity of its marketplace by enabling its compliance framework to keep pace with the rapid growth and development of the business," said the Dutch crypto exchange.
Bitvavo’s Partnership Expectations
With the recent upping of the legal requirements binding Virtual Asset Service Providers (VASPs) in the region, the surveillance tech will facilitate generating precise information invaluable to regulators in the event of an investigation.
The above implies increased efficiency in the exchange's service delivery to its users. Additionally, it will provide the most secure market environment, purged from all malicious entities, for investors' satisfaction in the long run.
On its part, Nasdaq's market surveillance tech is the largest globally, evidenced by its user agencies that hit over sixty internationally. The Nasdaq-Bitvavo partnership will no doubt serve as a model for other exchanges in the region to fulfill the objectives of the MiCA regulations outlined by the EU.
Jeetan Patel's Insight On The Recent Partnership
An executive at Bitvavo exchange, Jeetan Patel, highlighted the need for the partnership and the importance of incorporating surveillance technology on the trading platform. In addition, he emphasized Bitvavo's goal of regulatory compliance and user protection.
"As Bitvavo continues to innovate and lead in the cryptocurrency exchange industry, our commitment to security, trust, and stability remains paramount. We look forward to supporting the success of the digital asset ecosystem as we grow and expand across Europe," remarked Patel.
