Austria Contemplates Introducing Fintech Regulatory Sandbox
By Jamie Green – Crypto Dealer
The Ministry of Finance in Austria is reportedly looking into establishing a regulatory sandbox for the fintech industry. The Finance Minister Hartwig Löger states the Fintech Advisory Council will aid in the development rules to guide the cryptocurrency markets around digitised financial services. The council will also include initial coin offerings (ICOs) and those seeking to buy and sell cryptocurrency to aid their growth.
The fintech regulatory sandbox will allow companies to test and train their business models for a limited period under the supervision of the Austrian Financial Markets Authority (FMA). This initiative echoes that of the UK’s regulatory sandbox developed by the Financial Conduct Authority (FCA) for those seeking to offer services to buy and sell Bitcoin.
For companies looking to get on board with the sandbox, they will have to meet certain criteria. Applicants will need to provide a development on their business model regarding information, communication or the blockchain technology itself and more. A start-up seeking to sell and buy XRP as a brokerage or exchange could apply under the supervision of the regulatory sandbox.
Finance Minister Löger has said in the past, ‘The digitisation of the financial services sector is one of the most crucial areas for the future of Austria.’ This suggests his intent to attract innovative projects to Austria to increase adoption and entice more to buy cryptocurrency.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards