How can we make payment transactions efficient, cost effective, and safe? Recently, multiple countries have granted cryptocurrency licenses, allowing businesses to grow. This is expected to increase public trust in crypto exchanges and the safety of users.
GX takes a look at five use cases around the world:
- Estonia grants two cryptocurrency exchange licenses, allowing the Swiss company Aave to allow its users to convert fiat to crypto, crypto to fiat, and to exchange in crypto to crypto transactions.
- Poland grants licenses to two crypto firms, allowing them to provide payment services, including deposits and withdrawals and payment transactions.
- The Netherlands is calling for a national crypto licensing system so that money laundering and terrorist funding can be 'combated more effectively.'
- New York grants a cryptocurrency license, allowing a firm to trade and invest crypto with no commission fees.
- Italy introduces definitions for 'distributed ledger technology' and 'smart contracts' to regulations laws.