Bittrex International has announced its plan to launch a digital trading platform. In summary, the company says that the aim of launching the platform is to provide more trading options for qualified customers. While providing this option, the exchange will ensure that the platform uses a streamlined token approval process before cataloging projects. Also, the platform, called Bittrex Malta, will kick off a brief evaluation period in a couple of weeks away. This is going to be done to ensure that it achieves optimal operations for users.
Features of the Proposed Bittrex Platform
According to Bittrex, the main features of the platform will be to streamline the token approval process. The firm plans to reduce this to weeks against months. Token teams will also have access to Bittrex’s network of exchange partners. In addition, Bittrex will mandate the partner network to list both the current and new tokens listed on the platform and its exchange.
Coming to the approval process, it will be in line with the firm’s standard initial review process. Apart from the review process, the token approval process will also include evaluation of authenticity, quality, and innovation of the token. However, that’s not all there is.
More Processes to Follow
Upon passing the initial review process, all projects will have to meet the Malta Virtual Financial Assets Act (VFA). Indeed, the role of VFA is to provide the company with the necessary regulatory guidelines for listing projects within the shortest possible time. While some issuers may expect that projects will take months to earn its listing, for most it should happen in a matter of weeks. For all interested customers, they will have to visit International.Bittrex.com to sign up and start the token review process. Also, US-based customers can go through that platform to access Bittrex.com, as well as have access to the international market.
Other Regulatory Compliance
Bittrex will operate within the regulatory guidelines of established European Union and Maltese Government. Again, the company will operate within the confines of VFA Act. More importantly, the exchange will implement KYC/AML practices. According to the VFA Act, the transitory period should not go beyond 12 months. Consequently, Bittrex International will stick to the guidelines. What’s more? The need for interested companies to apply to Malta Financial Services Authority is to enable them to become members of the VFA Exchange.
Official Statement
Bittrex’s CEO, Bill Shihara, said that the company aims to push the boundaries of the blockchain industry even farther. The CEO notes that the exchange’s project evaluation process will enable them to give their international partners and customers the best possible service.
Risk Disclosure
This article is not providing investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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