LCX Secures Regulatory Approval for 8 Licenses In Liechtenstein

News / 31.12.2020

On Dec 30, 2020, the Liechtenstein Cryptoassets Exchange (LCX) reportedly secured approvals of eight license categories from the Financial Market Authority (FMA) of Liechtenstein.

According to the press release, LCX has received the licenses under the Token and Trusted Technology Service Provider Act (TVTG), also known as the blockchain act. The exchange will now be the first entity with regulatory approval to offer the broadest scope of blockchain services in that jurisdiction.

Monty C. M. Metzger, CEO and founder at LCX was excited about the regulatory milestones that have been achieved due to the exchange working closely with the FMA under the transitory provisions of the Blockchain Act. 

The CEO promised to continue his long-standing commitment to building a fully regulated and reliable business under the TVTG that came into force on Jan 1, 2020. 

“Being one of the first cryptocurrency platforms to receive the Liechtenstein blockchain licenses is an important milestone. We look forward to rolling out additional compliant and innovative products and services in 2021,” Metzger added. 

The Exchange Set to Offer a Full Range of Services

LCX is a Fintech startup that focuses on security token offerings, tokenization of assets, and trading services. The Institutional investor-focused exchange first secured a business license to operate in Liechtenstein back in 2018.

The license, which was issued by the Liechtenstein Ministry of Economic Affairs, marked an essential step in LCX’s vision to develop a fully regulated blockchain ecosystem targeted at institutional investors.

Under their previous license, LCX could offer crypto investors a range of services that included a storage vault and trading desk. Moreover, the exchange launched a universal fiat-to-crypto platform in Aug 2018, dubbed Binance LCX.

The ambitious exchange revealed plans to seek a new license with the FMA just after receiving their business approval in Liechtenstein two years ago. In a press release, the company announced that it would seek the FMA and other regulators’ approvals to trade security tokens, among other offerings.

LCX has now achieved that goal after becoming the first-ever cryptocurrency platform to achieve eight regulatory milestones in Liechtenstein; the exchange now looks well-positioned to roll out a full blockchain suite of services to eager customers. 

LCX Partners With Regula Forensics

In its push to offer more reliable and safer services in the blockchain sphere, the Liechtenstein-based LCX exchange recently partnered with Regula Forensics, a world leader in authenticating identification documents.

In a press release from Sep 15, 2020, LCX announced that Regula’s strategic partnership would help boost compliance, reduce fraud, and guarantee a frictionless user experience. 

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.