The London-based company B2C2, a liquidity provider, received regulatory licence in Luxembourg to operate as a virtual asset service provider (VASP) in order to increase its market share inside the European Union.
With approval, B2C2 can provide institutional clients with over-the-counter (OTC) spot cryptocurrency services. It is now officially listed as the 12th VASP on the public registry maintained by the Commission de Surveillance du Secteur Financer (CSSF) in Luxembourg. The company already had a licence from the Autorité des Marchés Financiers (AMF) of France, which it obtained in August of last year when it purchased Woorton in Paris.
The actions are being taken in anticipation of the EU’s Markets in Crypto Assets (MiCA) regulation going into effect this year. The 27-nation trading bloc will be the first significant jurisdiction in the world to implement thorough, industry-specific regulations once they take effect. Denzel Walters, a former supervisor at the Bank of England, will head the Luxembourg group. Thomas Restout was appointed CEO of B2C2 last month.
“Getting VASP registration in Luxembourg is a further milestone for B2C2, as Luxembourg is home to a rapidly expanding virtual asset community,” Restout stated in a news statement. “B2C2 is preparing for MiCA regulation to come into force.”
In 2020, the financial group SBI Holdings, based in Japan, purchased B2C2, making it the first significant financial group to hold a cryptocurrency trading company.