Liechtenstein Cryptoassets Exchange Gets License to Operate Crypto Exchange Platform

Liechtenstein Cryptoassets Exchange was awarded a Business License from Liechtenstein’s Ministry of Economic Affairs.

Liechtenstein Cryptoassets Exchange (LCX)has obtaineda Business License from the country’s Ministry of Economic Affairs. The license allows LCX to operate in Liechtenstein and offer exchange trading solutions for utility and payment tokens. To comply with the law, LCX is sticking to technology standards, including know your customer (KYC) and anti-money laundering (AML) principles.

In order to become eligible for more licenses, the crypto exchange operator increased its nominal capital from the equivalent of $100,000 to about $1 million. LCX hopes to obtain additional licenses from the Financial Market Authority (FMA) and other government agencies in an attempt to provide security token-related services.

The Business License is essential for the company’s goal to develop a regulated and transparent cryptocurrency exchange and blockchain-oriented marketplace aimed at both institutional and retail investors.

LCX recently revealed some details about its beta version of the LCX Terminal, which hasn’t been made publicly available yet. The LCX Terminal represents an advanced trading desk focused on cryptocurrencies that revolve around portfolio management, auto trading features, an analytics system, and audit reporting. Also, the platform can be integrated with major exchanges around the world.

Currently, LCX is also working on other products such as LCX Vault – a cryptocurrency custody solution, LCX Exchange – a security token trading platform that will include other digital assets, and an international fiat-to-crypto exchange platform branded as Binance LCX. The latter has been developed in collaboration with Binance.

As wereportedearlier, Binance LCX will provide fiat-to-crypto trading pairs based on the Swiss Franc (CHF) and euro. Binance is ready to contribute with its expertise in operating the trading platform, while LCX will focus on the legal requirements, customer support, KYC and AML procedures, and due diligence. After obtaining relevant approval from regulators, the platform intends to expand its list of trading pairs.