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Crypto exchange NBX has this week been granted start-up permission as an e-money enterprise, a step that brings NBX closer to its goal of bridging the gap between traditional and digital finance. NBX, which sees itself as part of the financial infrastructure of the future, is the only cryptocurrency exchange in Norway that has been granted start-up permission as an e-money enterprise.
At Kaupr we note that the various crypto trading venues in Norway occupy their own unique positions in many ways. Firi is the wide provider for “everyone”, is by far the largest crypto exchange in the Nordic countries and has plans to launch in Sweden in addition to Norway and Denmark where Firi has operations today. K33 has left retail, and is betting fully and completely on wealth management, based on three legs: analysis, trading and consulting. NBX, led by CEO Stig Aleksander Kjos-Mathisen, has focused on offering products and services that are more recognizable from traditional finance. In addition to the three established players, we also have Bitcoin only, which only bets on trading in Bitcoin.
Like all other crypto exchanges in Norway, NBX is licensed to operate exchange and storage services for virtual currency. What is new is that NBX has this week received a start-up permit for a concession as an e-money company from the Danish Financial Supervisory Authority. According to a blog post on NBX's website, this concession gives NBX the opportunity to develop new services for its customers and also to demonstrate NBX's ability to comply with stringent regulatory requirements.
The permit also gives NBX freedom to expand its market area through cross-border activities in line with PSD2 regulations. Following Kaupr's experience, NBX was a technology partner in Project Icebreaker, where Norges Bank, together with the central banks of Sweden and Israel, explored the opportunities and challenges of cross-border payments with digital central bank money (DSP).
A concession as an e-money enterprise enables NBX to offer products and services currently reserved for traditional financial enterprises (TradFi), including payment and transfer services. The concession, according to NBX, also makes it easier to cooperate with other companies in the financial sector, since NBX is now subject to the same regulatory requirements. The authorization is also an important step on the way to being able to provide services that can make cryptocurrency useful in everyday life and thus increase the value of the technology. The concession “gives NBX a good starting point to be able to offer a seamless interaction between traditional finance and digital finance,” the blog post said.
Crypto exchange NBX has this week been granted start-up permission as an e-money enterprise, a step that brings NBX closer to its goal of bridging the gap between traditional and digital finance. NBX, which sees itself as part of the financial infrastructure of the future, is the only cryptocurrency exchange in Norway that has been granted start-up permission as an e-money enterprise.
At Kaupr we note that the various crypto trading venues in Norway occupy their own unique positions in many ways. Firi is the wide provider for “everyone”, is by far the largest crypto exchange in the Nordic countries and has plans to launch in Sweden in addition to Norway and Denmark where Firi has operations today. K33 has left retail, and is betting fully and completely on wealth management, based on three legs: analysis, trading and consulting. NBX, led by CEO Stig Aleksander Kjos-Mathisen, has focused on offering products and services that are more recognizable from traditional finance. In addition to the three established players, we also have Bitcoin only, which only bets on trading in Bitcoin.
Like all other crypto exchanges in Norway, NBX is licensed to operate exchange and storage services for virtual currency. What is new is that NBX has this week received a start-up permit for a concession as an e-money company from the Danish Financial Supervisory Authority. According to a blog post on NBX's website, this concession gives NBX the opportunity to develop new services for its customers and also to demonstrate NBX's ability to comply with stringent regulatory requirements.
The permit also gives NBX freedom to expand its market area through cross-border activities in line with PSD2 regulations. Following Kaupr's experience, NBX was a technology partner in Project Icebreaker, where Norges Bank, together with the central banks of Sweden and Israel, explored the opportunities and challenges of cross-border payments with digital central bank money (DSP).
A concession as an e-money enterprise enables NBX to offer products and services currently reserved for traditional financial enterprises (TradFi), including payment and transfer services. The concession, according to NBX, also makes it easier to cooperate with other companies in the financial sector, since NBX is now subject to the same regulatory requirements. The authorization is also an important step on the way to being able to provide services that can make cryptocurrency useful in everyday life and thus increase the value of the technology. The concession “gives NBX a good starting point to be able to offer a seamless interaction between traditional finance and digital finance,” the blog post said.
