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A new company based in Liechtenstein called the Liechtenstein Cryptoassets Exchange (LCX) was able to get a business license to act in the country legally. This new license was granted by the Liechtenstein Ministry of Economic Affairs and it is reportedly a milestone for LCX as the exchange was able to fully regulate its blockchain ecosystem, which is tailored for institutional investors.
After getting the license, the company is planning to apply for a Financial Market Authority (FMA) license, as well as some other important licenses. This is all part of a plan that the company has to expand its market in the country. However, in order to receive these licenses, the company will need to increase its nominal capital from about $100,000 USD to $1 million USD.
The LCX has affirmed that it is fully compliant with all the regulatory procedures of the industry, including anti-money laundering (AML) and know your customer (KYC) procedures. It also provides infrastructure for crypto players that need a number of services like trading desks, storage vaults and exchange products.
There is also Binance LCX, which is a joint venture between the Liechtenstein Cryptoassets Exchange and the largest crypto exchange in the world, Binance. Binance LCX was launched in August 2018 and it offers trading in all major cryptos against CHF (the local currency) and Euros (EUR).
Also in Liechtenstein, the Union Bank AG has recently revealed that it had issued its own international crypto backed by fiat currency.
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