Tighter EU laws governing cryptocurrency will lead to wider Bitcoin adoption, claims the CEO of established UK crypto exchange Coinfloor.
This month, the European Union implemented a new law – known as the EU Fifth Anti-Money Laundering Directive (5AMLD) – which requires cryptocurrency platforms and wallet providers to identify their customers for anti-money laundering purposes.
The UK has decided to implement the law despite its decision to leave the EU.
Coinfloor CEO Obi Nwosu says tighter EU and UK Financial Conduct Authority (FCA) regulations will increase confidence among consumers.
He told Coin Rivet: “Clearer regulation is a going to be a good thing for the UK and EU. It will bring more certainty for users, service providers like us, and our institutional and financial suppliers.
“This in turn will eventually translate into greater adoption for Bitcoin.
“Depending on your perspective, Bitcoin has either already reached mainstream adoption, is about to, or has a long way to go.
“In terms of its first killer app – namely being a digital inflation-resistant store of value that is accessible to all – Bitcoin has already reached maturity and is seeing sections of the mainstream market using it.
“Mainstream adoption will only increase as more businesses develop Bitcoin-based financial services and merchants start accepting Bitcoin payments.”
Coinfloor is a London-based Bitcoin exchange established in early 2013. It claims to be the first exchange-backed peer-to-peer marketplace for Bitcoin.