BIGG Digital Assets Inc. Subsidiary Netcoins Applies For Landmark Securities Registration

Rhea-AI Summary

BIGG Digital Assets Inc. (CSE: BIGG; OTCQB: BBKCF) announced its application for registration with the British Columbia Securities Commission and the Canadian Securities Administrators’ regulatory sandbox. This approval could enable Netcoins, its online cryptocurrency brokerage, to become Canada's first regulated open-loop crypto asset trading platform. Netcoins aims to enhance consumer confidence in cryptocurrency trading following several high-profile failures in the industry. BIGG's CEO emphasized the potential significant positive impact on trading volumes from this regulatory approval.

Positive

• Application for regulatory approval positions Netcoins as the first regulated open-loop crypto trading platform in Canada.
• Regulatory approval could significantly increase trading volumes for Netcoins, providing a competitive edge.
• The initiative aims to restore consumer confidence in cryptocurrency trading, addressing risks from past platform failures.

Negative

• None.

VANCOUVER, British Columbia, Sept. 30, 2020 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. ("BIGG" or the "Company")(CSE: BIGG; OTCQB: BBKCF; WKN: A2PS9W), owner of Netcoins (Netcoins.ca) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, is pleased to announce that it applied for registration from the British Columbia Securities Commission (BCSC) and the Canadian Securities Administrators’ (CSA) regulatory sandbox which, if approved, would allow Netcoins to operate the first regulated open-loop crypto asset trading platform in Canada.

The CSA Sandbox is an initiative of the CSA to support fintech businesses seeking to offer innovative products, services and applications in Canada, and allows firms to pioneer innovative ideas while tailoring unique regulatory requirements.

Netcoins has been working with the BCSC and the CSA to identify unique ways to address risks inherent in crypto asset trading platforms and to provide comfort to the regulators, and we expect this will further crypto adoption in Canada.

Netcoins president, Mitchell Demeter, remarks, “There have been numerous high profile failures of Canadian crypto asset trading platforms in the past 2 years, costing investors hundreds of millions of their hard earned dollars, and shaking consumer confidence. A lack of oversight has created instability in the industry, and we believe this instability is slowing consumer adoption of cryptocurrency. Hence, we at Netcoins see the need for a regulated crypto asset trading platform in Canada that investors and traders can trust. Being owned by a public, audited and transparent company has given Netcoins the unique ability to bring a safe crypto trading solution to life across Canada.”

BIGG’s CEO, Mark Binns, commented, “BIGG believes the future of crypto is a compliant, safe and regulated environment. It is the basis of existence for our company. Pending this regulatory approval, Netcoins will be the first registered open-loop crypto trading platform in Canada. This will be a fundamental change for crypto trading in Canada. As individuals and corporations seek to trade crypto assets, they would have a fully legal and registered platform available to them. We also believe this will have a significant positive impact on Netcoins trading volumes in the coming months, being a unique competitive advantage. We look forward to updating our shareholders further with developments in the coming weeks.” 

On behalf of the Board

Mark Binns
CEO
mark@biggdigitalassets.com
T:+1.844.515.2646

About BIGG Digital Assets Inc.

BIGG Digital Assets Inc. (BIGG) believes the future of crypto is a safe, compliant, and regulated environment. BIGG invests in products and companies to support this vision. BIGG owns two operating companies: Blockchain Intelligence Group (blockchaingroup.io) and Netcoins (netcoins.ca).

Blockchain Intelligence Group (BIG) has developed a Blockchain-agnostic search and analytics engine, QLUE^TM, enabling Law Enforcement, RegTech, Regulators and Government Agencies to visually track, trace and monitor cryptocurrency transactions at a forensic level. Our commercial product, BitRank Verified^®, offers a “risk score” for cryptocurrencies, enabling RegTech, banks, ATMs, exchanges, and retailers to meet traditional regulatory/compliance requirements.

Netcoins develops brokerage and exchange software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins utilizes BitRank Verified^® software at the heart of its platform and facilitates crypto trading via a self-serve crypto brokerage portal at Netcoins.app.

For more information and to register to BIGG’s mailing list, please visit our website at https://www.biggdigitalassets.com.  Or visit SEDAR at www.sedar.com.

Forward-Looking Statements:

Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIGG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIGG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIGG’s expectations include, consumer sentiment towards BIGG’s products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIGG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIGG undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

The CSE does not accept responsibility for the adequacy or accuracy of the content of this Press Release. 

FAQ

What is the significance of BIGG's application to the BCSC and CSA for Netcoins?

BIGG's application could allow Netcoins to become Canada's first regulated open-loop crypto asset trading platform, enhancing consumer trust and boosting trading volumes.

How will Netcoins address consumer confidence in cryptocurrency trading?

Netcoins aims to restore consumer confidence by operating as a regulated platform, addressing risks associated with past failures of crypto trading platforms.

What impact is expected from Netcoins becoming a regulated platform?

Becoming a regulated platform is expected to significantly increase trading volumes for Netcoins, providing a unique competitive advantage in the Canadian market.

What does the BCSC and CSA's regulatory sandbox initiative involve?

The regulatory sandbox allows fintech companies like Netcoins to offer innovative products while working with regulators to address industry-specific risks.

What is the stock symbol for BIGG Digital Assets Inc.?

The stock symbol for BIGG Digital Assets Inc. is BBKCF.