Liechtenstein Cryptoassets Exchange Granted Business License by Regulator

Liechtenstein cryptoasset exchange has recently gotten a “business license” in Liechtenstein.

The new license granted by the Liechtenstein Ministry of Economic Affairs is allegedly a development for LCX in developing a “fully regulated blockchain ecosystem,” focusing on institutional and professional investors.

Following the recent licensing, the LCX is also intending to apply for a Financial Market Authority (FMA) license, as well as other regulators’ approvals to trade security tokens with other offerings, the firm disclosed at the press release. For them to receive more licenses, the LCX allegedly increased its nominal capital from 100,000 CHF ($100,100) to 1 million CHF ($1.1 million).

Claiming to comply with “all regulatory requirements” for Anti-money laundering (AML) and Know Your Customer (KYC), the LCX now officially gives institutional crypto players with many services including a trading desk, storage vault, and a global fiat-to-crypto exchange dubbed Binance LCX.

Binance represents a partnered venture between the LCX and presently the binance, biggest crypto exchange worldwide. Released in August of this year, the exchange provides trading in major cryptocurrencies pairs against CHF and Euros (EUR).

A Liechtenstein-based bank, Union Bank AG, revealed that it had issued its own internal cryptocurrency backed by fiat in August.