The legal framework for cryptocurrencies varies between countries. It is not possible to buy Bitcoin in a place where trading virtual assets is illegal. Where legal, it is taxable. Using the example of the WhiteBIT international cryptocurrency exchange, we will consider together how cryptocurrencies are regulated and what laws protect users.
Cryptocurrency trading requires anonymity and is poorly regulated by law. Therefore, the cryptocurrency market has become attractive to scammers and cybercriminals. If you are going to buy cryptocurrency, it would be helpful to learn as much as possible about the platform you will be using beforehand.
The international organization FATF was established to secure financial system participants. This organization has published uniform rules that cryptocurrency exchanges must follow. It is an intergovernmental organization and has started to introduce a number of standards to cryptocurrency regulation to prevent money laundering, terrorism financing. Therefore, it is important to inform readers interested in cryptocurrency that the cryptocurrency exchange must follow these recommendations.
A cryptocurrency license allows you to provide virtual asset services worldwide, regardless of the country in which the license is issued.
WhiteBIT cryptocurrency exchange is managed by several companies. The most important of these is Clear White Technologies, registered in Hong Kong.
Although there are no laws regulating crypto in Hong Kong, this does not mean that WhiteBIT’s activities are not controlled by the government. Virtual asset exchange services are allowed, but any Bitcoin exchange operating in the special administrative region of China must obtain a license from the Securities and Futures Commission (SFC). It is also important to follow the FAFT rules. Hong Kong cryptocurrency exchanges are required by law to combat money laundering in the region. A Virtual Asset Service Provider (VASP) license is also required.
Summary: WhiteBIT is a world famous company. Cryptocurrency exchange is licensed and complies with AML and FATF rules. You can easily and securely buy Bitcoin or altcoins on this platform. Proof of customer satisfaction are positive reviews about the company.
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