Liechtenstein Crypto Exchange Receives Licenses From The Financial Market Authoritybr>
The Liechtenstein Cryptoassets Exchange (LCX) has secured approvals of eight license categories under the Token and Trusted Technology Service Provider Act (TVTG) of Liechtenstein, a small country in Europe that borders Switzerland.
Headquartered in Liechtenstein, LCX focuses on tokenization of assets, security token offerings and advanced trading tools. The firm’s crypto trading platform, LCX Terminal, allows users to manage their portfolio across all major cryptocurrency exchanges on one single user-interface. LCX has also launched the LCX Cryptocurrency Reference Price Services, which provides a credible daily reference price to the marketplace and enhances market participants’ risk management of digital assets. LCX Cryptocurrency Reference Price Services are designed to help accelerate the professionalization of digital asset trading.
In October 2019, Liechtenstein’s parliament passed the Blockchain Act or TVTG to further promote the positive development of the ‘token economy’ in Liechtenstein and to protect the reputation of the country. The Blockchain Act, which went into force on January 1, 2020, allows every possible asset, including real estate, bonds and securities, to be tokenized, digitalized and listed on a cryptocurrency exchange.
In a press release, LCX said that it has become the first cryptocurrency platform to receive approvals for eight license categories from the FMA. The approval will allow LCX to offer the broadest scope of blockchain services, including TT Exchange Service Provider, TT Token Depositary, TT Key Depositary, TT Price Service Provider, TT Identity Service Providers, Token Generator, Token Issuer on its own, and Token Issuer on behalf of the clients.
“We have a long-standing commitment to building a fully regulated safe and reliable business while delivering a seamless user experience,” said Monty C. M. Metzger, CEO and Founder at LCX. “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.”