Liechtenstein Cryptoassets Exchange (LCX) Gets Business License for Regulated Blockchain Ecosystem
Liechtenstein Cryptoassets Exchange (LCX) Gets Business License
A new company based in Liechtenstein called the Liechtenstein Cryptoassets Exchange (LCX) was able to get a business license to act in the country legally. This national license was given by the Liechtenstein Ministry of Economic Affairs and it is a huge milestone for the progress of LCX as the exchange was able to fully regulate its blockchain ecosystem, which is tailored for institutional traders.
Now, after getting the license and starting its business, the company is planning to apply for another license, so the next target is the Financial Market Authority (FMA) license. After the company is able to get it, it may pursue some other important licenses as well. This is all part of a plan that the company has to expand its market in the country.
However, to be able to receive these licenses from the local regulators, the company will need to increase its capital from about $100,000 USD to $1 million USD, which may take some time.
The LCX has affirmed that it is fully compliant with all the regulatory procedures of the industry, including Know Your Customer (KYC) and Anti-money laundering (AML) procedures. It also provides infrastructure for crypto players that need a number of services like trading desks, storage vaults, and exchange products.
The Binance LCX
There is also Binance LCX, which is a joint venture between the Liechtenstein Cryptoassets Exchange and the largest crypto exchange in the world, Binance. Binance LCX was launched in August 2018 and it offers to trade in all major cryptos against CHF (the local currency) and Euros (EUR).
Another relevant update about Liechtenstein is that the Union Bank AG has recently revealed to the world that it had followed a long-time plan to issue an internal cryptocurrency backed by fiat to be used in the company.