After more than two years of waiting, TenX is finally rolling out its crypto Visa card in Europe. Liechtenstein serves as a base, as the FMA had issued an e-Money license that TenX can easily passport to other EEA member countries.
TenX, a blockchain payment and wallet application from Singapore, announced that its crypto Visa card is now available to users in Germany and Australia. The roll-out is backed by an e-Money license, which the Financial Market Authority Liechtenstein (FMA) granted in 2019.
The company announced it had received an e-Money license from the FMA in June 2019, and an official announcement of the Liechtenstein government confirmed this claim, welcoming TenX to Liechtenstein. “The Financial Market Authority Liechtenstein (FMA) has issued an e-money license with conditions and requirements to TenX,” read the announcement form 12th June 2019.
But despite the official announcements, TenX was not listed on the FMA’s register of licensed electronic money institutions in Liechtenstein. That had caused confusion at the time.
“Still TenX is not in the official register, because they didn’t pass all terms and conditions on which the license was granted. It is possible TenX will never pass them, and will never get an officially registered license,” wrote a Reddit user. “TenX is now rolling out its card in Europe…hmmm, not quite…,” said another.
Register shows TenX license valid from November 2019
The discussion is now water under the bridge. TenX is listed in the official register (updated as of 28th February 2020) as “TenX Payments Europe AG.” The company holds a license under the ID 252199, which is valid from 05th November 2019. TenX licensed payment services include:
- Services enabling cash withdrawals from a payment account
- Money remittance
- Execution of payment transactions
- Execution of payment transactions where the funds are covered by a credit line
- Issuing of payment instruments and/or acquiring of payment transactions
TenX Card now in available in Germany and Austria
The company also announced it would finally distribute its crypto cards, which users have been waiting for for a long time. After TenX raised a whopping $80 million via an ICO in 2017, it had set out to “make cryptocurrencies spendable anytime anywhere” by connecting Bitcoin to the real world with a Visa debit card. But in 2018, Visa suspended its card issue WaveCrest, which caused delays and one year later, TenX had still not delivered on its promises.
Since early 2019, the card has been available in Asia and the company has now used its Liechtenstein-based e-money license to make it available in Europe as well.
“It has been a long time coming and we are glad that the wait has come to an end for our German and Austrian community. Many of whom have placed orders for the card in 2017,” writes TenX. “If you have an existing pre-order, please note that you will still have to complete account verification and confirm your card order. We cannot wait to send you your card.”
Liechtenstein as a base for product roll-out across Europe
TenX wasn’t off for a good start, but it seems things are finally coming together. The TenX story also shows the power of Liechtenstein as a base to expand into Europe. As the country is a member of the European Economic Area (EEA) – unlike neighboring Switerzland – companies like TenX can passport their licenses to other EEA member countries. As a result, they may roll out products and services without having to go through any additional regulatory hassle.