Thanks to the Single European Payments Area (SEPA) regulation, Danish digital currency provider Coinify can now trade bitcoin to 34 European countries.
Denmark’s digital currency provider Coinify was initially restricted to only allow those with a Danish bank account to buy and sell bitcoin, but has since grown to operate in other countries which work under SEPA.
According to Artic Startup, Christian Visti, CFO of Coinify said that bitcoin has the potential to change how money is dealt with in Europe and change finance for the better. “Bitcoin has the opportunity to change some of the fundamentals within the financial environment. At Coinify we support change, but it will still be on the terms that apply to the sector in general. In this we’re following the European e-money directive and have engaged Deloitte as an independent reviewer of our internal procedures. This is to signal that we mean serious business,” said Visti.
Venture capital fund, SEED Capital and start-up accelerator Accelerace both back Coinify and gave the company the cash needed to acquire bitcoin broker Bitcoin Nordic, as well as the IP rights to payment gateway technology and merchant relationships from their Copenhagen based Bitcoin Internet Payment System. Alongside this, the digital currency provider has partnered with payment service provider Pensopay, enabling them to have direct access to merchants.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The majority of the region’s 28 member states report that the situation has worsened over the past year, reports business management consultant Verisk Maplecroft.
Regulators in the UK, the US and Hong Kong instituted proceedings against more than 1,700 individuals last year, or four times the number of cases brought against companies.
The US Commodity Futures Trading Commission approved LedgerX as the first regulated clearing house for derivatives contracts settling in digital currencies.