Highlights
- Bitvavo signed an agreement with Nasdaq to boost market abuse detection and analysis.
- Bitvavo to use the Nasdaq Market Surveillance technology to boost market abuse detection.
- It will help support the exchange in early compliance with the EU's Markets in Crypto-Assets Regulation (MiCA).
Crypto exchange Bitvavo has signed an agreement with Nasdaq today to boost market abuse detection and analysis ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA) in the European Union. The exchange commits to improving security, trust, and stability amid the paradigm shift in crypto adoption globally.
Bitvavo To Use Nasdaq Market Surveillance
The largest cryptocurrency Euro spot exchange globally Bitvavo and Nasdaq have entered into an agreement to use the Market Surveillance technology across the crypto exchange, as per an announcement on July 31. The exchange seeks to further boost the trust, transparency, and integrity of its marketplace ahead of MiCA implementation.
Amsterdam, the Netherlands-headquartered crypto exchange Bitvavo aims to bolster market abuse detection through detailed trading insights, order book replay with a consolidated audit trail, and analyze suspicious activity through alerts. The Nasdaq Market Surveillance will help the exchange in producing detailed reports to share with regulators.
“Partnering with Nasdaq allows us to leverage their proven expertise to effectively detect, monitor, and mitigate market abuse risks, enhance operational efficiency, and provide a more secure and stable trading environment for our clients,” said Jeetan Patel, Chief Risk Officer at Bitvavo.
Also Read: Fidelity Launches Bitcoin ETP On London Stock Exchange
Compliance With MiCA
The technology will also help Bitvavo to support early compliance with the EU’s Markets in Crypto-Assets Regulation (MiCA). The new legal framework will support digital asset market by regulating crypto asset trading and ensuring consumer protection. Also, it places strict rules and requirements on crypto exchanges to detect and report potential market abuse.
Tony Sio, Head of Regulatory Strategy and Innovation at Nasdaq, said: “Our market surveillance technology can play a powerful role in enhancing the integrity of digital asset exchanges, helping to deliver many of the objectives of the incoming MiCA regulation.”
At the recent EthCC event, Circle’s policy head, Patrick Hensen, outlined the transformative impact MiCA could have on the industry.
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