Virtual asset exchanges are online platforms where users can buy, sell, or trade cryptocurrencies and other digital assets. These platforms act as intermediaries, facilitating the exchange of virtual assets for fiat currency or other digital assets. They provide order books, matching engines, and custody services, enabling price discovery and liquidity for a wide range of tokens. Exchanges are fundamental to the digital asset ecosystem, serving as primary gateways for market participation.
Context
Virtual asset exchanges are under increasing regulatory scrutiny globally, with discussions focusing on licensing, anti-money laundering (AML) compliance, and consumer protection measures. Security breaches and operational stability remain critical concerns frequently reported in crypto news. The ongoing development of robust regulatory frameworks and enhanced security protocols is essential for the continued growth and institutional acceptance of these trading venues.
The UK's draft regime mandates that crypto exchanges and dealers adopt traditional finance standards for resilience and client protection, setting a clear divergence from MiCA.
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