After securing eight out of the eleven crypto-related licenses in Liechtenstein, LCX is launching a fully regulated and compliant crypto exchange in the country, the firm said in a press release on 5 January.
According to the announcement, the newly obtained licenses will allow LCX to expand its existing crypto and security token services across Europe, Switzerland, and the U.S.. The new licenses will also classify LCX as a regulated crypto exchange, digital asset custodian, price oracle provider, crypto compliance provider, smart contract creator, and token offering platform. The CEO and founder of LCX, Monty Metzger, said in a statement:
“LCX Exchange is a new generation of cryptocurrency exchange. 2021 will be the year of blockchain innovation and we see crypto compliance as key to success.”
Initially the exchange will facilitate trading with Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and LCX token, though the firm has expressed its plans to expand its digital currency offering in the future.
Founded in 2018, the exchange has existed long before Liechtenstein developed its crypto regulatory work, which allowed LCX to continue its operations under a grandfather clause, which exempted it from licensing requirements for a period. Since then, the exchange has focused on strengthening its processes before applying for the licenses. Back in September, LCX partnered with blockchain analytics firm Elliptic to automate its compliance against illicit transactions.
The newly acquired licenses will not only allow the exchange to operate as a digital asset custodian, but also let it generate security tokens for its clients.