Crypto Exchange
Crypto-Asset Exchange / Trading Platform
Definition
A platform that facilitates the buying, selling, and trading of crypto-assets. Under emerging regulatory frameworks such as MiCA, crypto exchanges must obtain authorisation as crypto-asset service providers (CASPs), comply with AML requirements, implement market abuse prevention measures, and maintain adequate capital and governance arrangements.
Regulatory Context
The regulatory treatment of crypto exchanges varies significantly across jurisdictions. MiCA provides the most comprehensive framework in the EU. The UK requires FCA registration for AML purposes, while the US applies a patchwork of state and federal regulations. High-profile exchange failures have accelerated regulatory action.