The principality’s casinos have long been popular tourist destinations, drawing in visitors from all over the world. In Monaco, online gambling is a legal and regulated activity. One of the most notable examples is its usage in online gambling. Nevertheless, the digital currency has made significant inroads into mainstream finance in recent years. Since its inception, Bitcoin has been labeled as a volatile asset by investors and analysts. Role of Bitcoin Trading in Monaco Economy The post Progress of Bitcoin Trading in Monaco appeared first on Live Bitcoin News. However, the exchange will no doubt be closely watched by the cryptocurrency community, as it could set the precedent for other countries to follow suit. It remains to be seen how successful Crypto Factory will be in its operations. This, in turn, could lead to an increase in the number of people who are exposed to cryptocurrencies and their potential benefits. The fact that Monaco is taking a more welcoming approach toward cryptocurrencies is likely to encourage more businesses to set up shops in the country. In recent times, several countries have either outright banned cryptocurrency trading or put in place stringent regulations that make it difficult to operate exchanges. The news of Bitcoin trading getting licensed in Monaco comes as a positive development for the cryptocurrency industry.
However, given that all the necessary regulatory approvals have been obtained, it is likely that the platform will go live in the near future.
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Another local exchange, known as Lykke Exchange, was also granted a license back in October 2018.Īt the moment, there is no information on when exactly the Crypto Factory exchange will launch. It will also allow users to trade cryptocurrencies against fiat currencies, as well as against other digital assets.Ĭrypto Factory is not the only crypto exchange licensed by MAM.
The company plans to offer its services to both individuals and institutional investors.
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