Mistertango has partnered with European crypto exchange, EXMO, to enable traders on the platform to make instant deposits and withdrawals in Euros for the first time.
Users can do this via a Mistertango payment account which comes complete with IBAN number, the ability to transfer money instantly via SEPA and a prepaid Mastercard.
“EXMO strives to ensure the most effective trading conditions for its users by maximising the number of efficient payment channels it has to offer,” says Co-founder of EXMO, Ivan Petukhovsky.
“With the ability to make faster payments and provide users with payment accounts, we’re able to set ourselves apart and offer the quality of service that more closely parallels the level that customers would expect from the traditional financial world.”
Gabrielius Bilkštys, Business Manager at Mistertango, comments: “EXMO is one of the biggest crypto players in Europe so this deal is a real testament to our growth so far and our increasing recognition within the industry. A big part of that hinges on our regulatory focused approach.”
“If the market is to emerge from uncertainty, gain legitimacy and thrive, there must be clear regulation which can both empower and safeguard activity. Crypto exchanges understand this and are increasingly coming to us for our deep understanding of existing regulatory requirements and to help them demonstrate compliance with any future KYC and AML procedures.”
Crying out for regulation
88% of cryptocurrency exchanges want industry regulation, according to recent research by Mistertango. It surveyed 24 crypto exchanges across Europe, Asia, South America and Oceania, with total daily trading volumes of over $100 million.
Respondents believe regulation is needed for the industry to mature, with nearly a third fearing a major market crash and sudden devaluation of assets without change. Law makers must, however, be careful not to regulate cryptocurrencies out of existence.
“Uncertainty is the biggest fear, and regulation is critical to provide the stability we need,” says Bilkštys. “Unfortunately, there is no regulatory consensus – worldwide or otherwise. For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation. Thus, regulation will be a catalyst, not an inhibitor to the crypto market’s development.”
Many banks have imposed sanctions, making it nearly impossible for cryptocurrency traders to deposit funds into their crypto currency wallets. Just under 40% of industry players suggest a change in banks’ attitudes will have the biggest impact on the wider acceptance of cryptocurrency. A further quarter cited increased, positive regulation as the solution. A third of respondents said the greatest threat comes from the perceived criminality of the sector.
Since the inception of cryptocurrency, anonymity has been an important part of its allure. But over half of crypto exchanges surveyed now say that crypto users should be subject to the same checks as those using traditional financial services. A fifth of respondents said that anonymity and lack of transparency of partners was the biggest threat.