Bitvavo partners with Nasdaq to enhance crypto market surveillance.
A significant cryptocurrency exchange that is subject to EU regulation, Bitvavo, has announced a partnership with Nasdaq to enhance its market monitoring tools. The statement from today shows that Bitvavo is still determined to stop market abuse and make sure that bitcoin companies follow the rules set by regulators.
As part of the deal, Nasdaq will give Bitvavo its market surveillance tool. This will help them keep a better eye on and look into possible scams and abuse of the market.
The intricate tool will give the Amsterdam-based exchange up-to-date trade data, detailed charts, and a full “replay” of its order book. It will be easier to do this if there is a “consolidated audit trail” that includes a lot of assets that are on the market and lets people look into shady activities in more depth.
Nasdaq partnership helps bitvavo align with EU’s MiCA regulations
Bitvavo will also be able to use the Nasdaq tool to make thorough reports that will be sent to the right regulatory bodies in line with the rules in the European Union.
Tony Sio, who is in charge of regulatory strategy and innovation at Nasdaq, talked about how important this connection is to the issues with regulation in the bitcoin market right now.
Sio said, “The crypto market is having a hard time meeting the investor protection and market confidence standards of traditional financial markets.” “Our work with Bitvavo is meant to directly address these problems and support the EU’s new Markets in Crypto-Assets Regulation (MiCA), which has strict rules for finding and reporting market abuse.”
The EU will be able to keep better track of digital things after MiCA starts up in 2023. They are honest and follow strict rules set by the government, just like regular financial markets, so a lot of people believe them. As Nasdaq’s tracking technology demonstrates, Bitvavo is following the rules and wants to make the market even more honest.
A lot of people in the bitcoin world talk about Bitvavo. It began with Jelle de Boer and Tim Baardse in 2018. It has gotten bigger since the Dutch central bank is in charge of the business and also checks how it deals with digital assets.
Bitvavo’s nasdaq partnership boosts compliance
Bitvavo needs the relationship with Nasdaq more than ever right now. The exchange had a big money problem in December 2022 when it came out that about €280 million of its funds were locked up with Digital Currency Group (DCG), the parent company of well-known companies like Grayscale, Foundry, and Lun. The problem started after FTX went down, which was a big event that affected the whole crypto business.
They were still hoping that they could get most of the trapped funds back, even with the delay. The exchange hopes to get back at least 80% of the money that DCG gave them after they reach a deal with the American crypto company.
The market surveillance tool from Nasdaq should make it easier for Bitvavo to find and stop market abuse. The trade site will be safer and more honest because of this. The company has already taken other steps to make sure rules are followed more closely and clients are safe as digital assets change. This move fits in with those goals.
When the market gets more significant attention, deals like the one between Bitvavo and Nasdaq will change how it is run and how buyers feel about it.
