Bitcoin trading service Atlas ATS has reportedly entered a partnership with the National Stock Exchange (NSX), a small stock exchange owned by CBOE Holdings, Inc.
The partnership with reportedly allow the Atlas to speed up regulatory approval, which will then allow the New York-based crypto-exchange to have more time to dedicate to development.
Since the National Stock Exchange is classified by the Securities and Exchange Commission as an SRO (self-regulatory organization), they’ll be able to put together the rules (and enforce them) as to how Atlas ATS runs their operations.
The idea is that the plan will allow Atlas ATS to bypass acquiring money-transmitting licenses in all fifty states, in accordance with FinCEN (Financial Crimes Enforcement Network) guidance issued in October.
Both the Kraken and CoinMKT digital currency exchanges are taking this route, which can become not only time consuming, but expensive.
That same guidance from FinCEN outlined that federally regulated organizations would be exempt from the requirement, which is what we see Atlas doing here.
It’s not exactly clear how the SEC may respond to the Atlas/NSX partnership, but according to Atlas, the rule book in-use follows SEC-approved rules that are in use by stock and option exchanges in the United States.
For NSX, the partnership could very well bring in some more dollars, and increase the exchange’s visibility (right now, they are dwarfed by exchanges like NYSE Euronext).
Atlas ATS aims to be a reliable, high-speed trading platform used by professionals. The Atlas public exchange is currently processing a volume of 100 to 1,000 trades daily, according to Shawn Solves, company CEO.
[textmarker color=”C24000″]Source[/textmarker] Wall Street Journal
