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In recent years, the crypto assets and massive world of associated or similar products have been growing significantly. They are redefining the global financial and monetary systems progressively. International Monetary Fund (IMF) in one of its latest reports stated that crypto market capitalizations trebled and amounted to $2.5 trillion in 2021. Considering the whooping stats, it is evident that these revolutionary innovations and the underlying technologies hold significant economic value and can potentially substitute the conventional financial paradigm.
The United Kingdom is one of the most favorable markets for innovative business models endorsing or facilitating digital transformation, financial technologies, or cryptocurrency adoption. If you think, the future of cryptocurrency in the United Kingdom is still under the veil of mystery, these latest statistics would leave you open-mouthed:
– The United Kingdom Financial Conduct Authority released a report revealing a sharp lift in public interest in cryptocurrency. They claimed that more than 2.3 million people in the United Kingdom held cryptocurrencies during June 2021.
– Another report by European Securities and Markets Authority (ESMA) affirms an 8X increase in the total crypto market capitalization in a tenure of 2 years. It states that it amounted to around € 1.5 trillion as of February 2021.
Launching a bitcoin exchange software platform in any geographical location involves businesses getting apposite licenses from authorities and getting their incredible bitcoin exchange platform developed. Let us now study the process under these two major heads:
1. Attain Your Cryptocurrency Exchange License in the United Kingdom
Before you set the exchange launch plan in action, you would need to gain permission and abide by various rules and regulations. The steps involved in getting the license for the bitcoin exchange business include:
The business is obliged to have a real office and pay taxes as per corporate taxation rules.
The British treasury requires businesses to take mandatory steps to reduce the risk of AML and finance terrorism and report any suspicious activity observed within bitcoin exchange software.
Basically, the documents must reflect a business plan, policy documentation as per AML/KYC legislation, a description of all operational risks, etc.
For the seamless operation of the bitcoin exchange business, complete record keeping of transactions and activities is required by the law. The business must also conduct regular internal audits and monitor the business carefully to ensure lawful operations.
2. Get Your Bitcoin Exchange Software Developed
Any business opting out of bitcoin exchange platform development has two options – one is to get the whole software developed from the ground up and another involves the usage of turnkey solutions to accelerate the development process. Here’s a brief of solutions offered by the best blockchain development companies for bitcoin exchange platform development:
It’s a ready-made protocol enabling businesses to take advantage of experts’ work. They have all essential and advanced features to enable customers to buy, sell, stake, trade, convert and hold cryptocurrencies and are usually customizable so that businesses can make alterations as per their requirements. A robust white label bitcoin exchange doesn’t only save in the development process but also significantly slashes costs.
The process involves building a whole bitcoin exchange from scratch. It can be challenging for businesses as well as development companies, which is why it requires ample time and money during the development process. For those businesses that require a completely unique solution, on-demand bitcoin exchange development is a suitable solution.
It’s similar to the white label bitcoin exchange solution as it is also a ready-to-deploy platform that makes the development more cost and time-effective. However, its features and functionalities are similar to the popular bitcoin exchange, it emulates. Considering the latest list of popular bitcoin exchange platforms in the United Kingdom, one can know which bitcoin exchange script they must go for to accelerate their bitcoin exchange development.
Here’s a list of the best bitcoin exchange scripts that can be leveraged by businesses to launch the best bitcoin exchange in the United Kingdom.
Considering that the UK’s government recently laid out its plans to support crypto adoption, getting a bitcoin exchange software business licensed won’t be much more challenging for many businesses. However, legal counsel from experts can help them conveniently launch within the cryptosphere lawfully.
By choosing an appropriate solution as per budget and time constraints, a business can successfully launch into the European crypto market with an exemplary exchange.
Antier, a leading blockchain development company with delivery centers in the United Kingdom can help you accomplish your business goals. They offer premium business solutions that can assist businesses in strategically launching a bitcoin exchange software into a specific geographical region or globally.
Schedule a call today to discuss your business requirements and receive free consultancy services to figure out which solution aligns best with your needs – a bitcoin exchange script, a white label bitcoin exchange, or on-demand bitcoin exchange development.
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