LCX Now Licensed to Provide Crypto Trading Services in Liechtenstein

LCX Now Licensed to Provide Crypto Trading Services in Liechtenstein

Liechtenstein cryptocurrency exchange LCX has been granted a license to provide crypto trading services for utility and payment tokens. The exchange will be offering four main crypto services including a custody service and a fiat-to-crypto exchange in partnership with Binance.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

A Regulated Exchange

LCX Now Licensed to Provide Crypto Trading Services in LiechtensteinLCX announced on Tuesday that it has been granted “a business license of the Liechtenstein Ministry of Economic Affairs to conduct its business in Liechtenstein (Gewerbebewilligung).”

An LCX representative told news.Bitcoin.com:

With this license, we got the permission from the regulator to provide crypto exchange trading services for utility and payment tokens. So, we can offer an exchange to investors, to safely trade utility and payment coins (stable coins for example), that is approved by the regulator.

LCX Now Licensed to Provide Crypto Trading Services in LiechtensteinThe representative added that LCX can now offer “services that other crypto exchanges offer … in a regulatory compliant manner.” As a regulated exchange, LCX says that it will apply the “highest technology standards for KYC [know-your-customer] and AML [anti-money laundering] to safeguard fulfillment of all regulatory requirements for AML and KYC.”

He further noted that LCX has increased its nominal capital from 100,000 CHF (~$100,400) to 1,000,000 CHF in order to apply for additional licenses, such as the Financial Market Authority (Fma) license, to be able to trade security tokens and offer other regulated services. “We also want to offer security token trading to our clients,” he emphasized.

Upcoming Services

The company plans to offer four key products. One is a trading platform for security tokens and other cryptoassets. The second is a crypto custody service called LCX Vault.

LCX Now Licensed to Provide Crypto Trading Services in Liechtenstein

LCX Now Licensed to Provide Crypto Trading Services in LiechtensteinThe third is called LCX Terminal which integrates the APIs of major exchanges — such as Binance, Bittrex, Coinbase, Poloniex, and LCX’s own exchange — into a single trading desk. This product recently entered the closed-beta phase. The company described it as “a trading desk for crypto assets equipped with portfolio management, analytics platform, auto trading functionality and audit reporting — integration of major exchanges.”

The fourth is a fiat-to-crypto exchange unveiled in August in partnership with Binance. This exchange will offer the trading of Swiss francs and euros against major cryptocurrencies.

The LCX representative explained to news.Bitcoin.com:

The moment we decide we’re ready to integrate our exchange into the terminal we can go public with this product … All other products are in development and will be announced and made public in the near future.

Furthermore, he noted that LCX’s exchange services “can be offered in a global manner,” adding that “we will be setting new standards in terms of KYC and AML, which every client of LCX should pass.”

What do you think of LCX’s plans to provide crypto-related services? Let us know in the comments section below.

Images courtesy of Shutterstock and LCX.

Need to calculate your bitcoin holdings? Check our tools section.

The post LCX Now Licensed to Provide Crypto Trading Services in Liechtenstein appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2P9yaPt

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more