- Liechtenstein based crypto exchange platform, LCX has gained approvals of eight licences from FMA
- The licences are approved under the Token and Trusted Technology Service Provider Act
- The exchange has plans to roll out additional compliant and innovative products and services in the year 2021
Liechtenstein Cryptocurrency Exchange (LCX) has recently revealed through an official release that it has become the first crypto exchange platform in the Principality of Liechtenstein, to achieve the regulatory milestone in the region. The exchange achieved the milestone after gaining the approvals of eight licenses under the Token and Trusted Technology Service Provider Act (TVTG). However, with all the licenses, the exchange is now allowed to provide a wider scope of blockchain services.
Who approved the licenses to the LCX exchange platform?
According to the announcement, the LCX exchange platform has received the approvals for eight licences from Liechtenstein’s Financial Market Authority (FMA). To achieve this important milestone in the region, the crypto exchange platform was operating under the Liechtenstein Blockchain Act’s transitory provisions. The exchange has also worked very closely with the regulator and now has acquired eight licences under the Token and Trusted Technology Service Provider Act (TVTG).
How can the achieved licences help the crypto exchange?
According to the official announcement, LCX has gained the approval of eight licenses from Liechtenstein’s Financial Market Authority (FMA). With all the licences the exchange can now operate services including TT Exchange Service Provider, TT Token Depository, TT Key Depository, TT Price Service Provider, TT Identity Service Provider, Token Generator, Token Issuer on its own, and Token Issuer on behalf of the clients. However, in these licences, the laws used the term Trusted Technology (TT) as a hypernym of the distributed ledger technology (DLT).
Plans of the Liechtenstein Cryptocurrency Exchange
Monty C.M. Metzger, the chief executive officer and founder of LCX, mentioned that it was an essential milestone of being the first cryptocurrency exchange for receiving the Liechtenstein blockchain licences. According to Metzger, the exchange has a long-standing commitment to developing a fully regulated safe and reliable business along with a seamless user experience. He also highlighted that the LCX platform would look further to roll out additional compliant and innovative products and services in 2021. However, the exchange only focuses on tokenization of assets, security token offerings and advanced trading tools.
According to LCX, in future, it aims to provide a wide range of services, in blockchain laws’ compliance to the scope and definitions. We can conclude that the crypto exchange platform has taken a giant leap towards bringing regulated and compliant virtual asset services worldwide.
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