licit market
/lɪˈsɪt mɑrˈkɪt/ · li·sit mar·kit
noun
- A market where goods and services are traded legally and in accordance with regulatory requirements. The company's success in the licit market was a major factor in its decision to expand into the illicit market.
noun
- A market where transactions are transparent and subject to oversight, as opposed to the illicit market. The licit market for cryptocurrencies is still in its early stages, but it has the potential to be a major player in the financial industry.
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Did you know? The concept of a licit market is closely tied to the idea of a 'licitation process,' which is a formal process used to award contracts to the lowest bidder.