The Danish cryptocurrency exchange we covered last week, CCEDK, launched Monday. To promote the exchange’s commitment to “transparency as the new way of doing business,” founder Ronny Boesing made available a starting volume of 1000 bitcoins.
CCEDK leans on its Danish jurisdiction, and that country’s culture, to reassure users of its security and transparency.
“Our strongest selling point will be that clients will know where we are, that the jurisdiction Is Danish, and that there’s complete transparency,” Boesing told Businessweek recently. “We link to our lawyer on our website in case anyone feels they need one.”
At launch, available currencies include BTC and LTC as well as fiat currencies DKK, EUR, USD, GBP and NOK.
In a statement, Boesing noted Denmark’s financial stability and “zero corruption.”
“I think it is therefore fair to say that the legal environment could well be a crucial factor to define the present as well as the future climate of the crypto market, and in particular for a country like Denmark, as it is now one of the few countries in the world with little to no restrictions towards cryptocurrencies.”
According to BitLegal, “Denmark does not have a series of laws or regulations tailored to Bitcoin and virtual currency.” The government is on record saying Bitcoin is “legal for trade” and in March said that Bitcoin revenue was not subject to taxation (source, in Danish).
Boesing also emphasized the exchange’s transparency by mentioning its reserve fund: 30% of its revenue will be set aside as reserves, “visible on the platform and updated accordingly.”