Liechtenstein’s first crypto exchange LCX is now a member of the Blockchain Research Institute. The announcement came after the exchange has been granted a business license by the Liechtenstein Ministry of Economic Affairs.
The Blockchain Research Institute (BRI) has named the Liechtenstein Crypto Assets Exchange (LCX) as a “Blockchain Pioneer”. The announcement was made during the LCX Blockchain Sessions in Vaduz. Don Tapscott, Prince Michael of Liechtenstein and LCX CEO Monty Metzger attended the ceremony.
“Making institutional investments more accessible is crucial to the mainstream proliferation of blockchain across all markets. LCX is leading the way in that regards, which is why I’m pleased to welcome them to the Blockchain Research Institute as a Pioneer member,” says Don Tapscott, BRI co-founder.
BRI is an independent, global think-tank. Its goal is to further develop blockchain initiatives in business and government. BRI was founded by Don and Alex Tapscott, and is headquartered in Toronto, Canada.
As a Blockchain Pioneer member, LCX will have access to a wide network of research projects and international companies. Other BRI Pioneer members include Nasdaq, Deloitte, IBM, Microsoft, Accenture and many more.
LCX CEO Monty Metzger says, “LCX is proud to be named a Blockchain Pioneer by the Blockchain Research Institute and to join the BRI as a member. We look to BRI as a powerful, collaborative network as we work to build the infrastructure for the next growth wave of the blockchain industry, developing the tools and products for institutional investors to join the crypto assets markets.”
Business license allows LCX to offer payment and utility token trading services
The news came just after the announcement that LCX has been granted a business license of the Liechtenstein Ministry of Economic Affairs to conduct business in Liechtenstein. This also includes the permission to provide exchange trading services for utility and payment tokens.
The Liechtenstein Blockchain Act distinguishes three different token types: payment, utility and security tokens.
Under the current license, LCX can trade payment and utility tokens, but not security tokens. Therefore, the exchange has increased its nominal capital from 100,000 CHF to 1,000,000 CHF in order to fulfill the requirements of the Financial Market Authority (FMA) to be able to trade security tokens.
LCX plans to offer four services
LCX plans to offer four main crypto services:
LCX Exchange: Trading platform for security tokens and other cryptoassets
LCX Vault: Crypto custody service using dedicated hardware security
LCX Terminal: Single trading desk for crypto assets supporting multiple major crypto exchanges such as Binance, Bittrex, Coinbase, Poloniex and LCX’s own exchange
Binance LCX: Fiat-to-crypto exchange in partnership with Binance offering the trading of Swiss Francs and Euros against major cryptocurrencies
All services will be fully licensed under Liechtenstein law and comply with the Blockchain Act which will be put into force in early 2019. “We will be setting new standards in terms of KYC and AML, which every client of LCX should pass,” says an LCX representative.
Both, joining the BRI network and the business license are important milestones for LCX. Moreover, the exchange recently announced the closed-beta version of the LCX Terminal.
“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,” says LCX.
The exchange is one of the major cornerstones of Liechtenstein’s blockchain ecosystem. It will be Liechtenstein’s first regulated crypto exchange and could become a game changer for the industry.