Crypto exchange LCX managed to acquire eight of 11 cryptocurrency licenses in Liechtenstein. As the company expands its securities token services, continuing its operations in the region is now legally based.
Cryptocurrency exchange LCX managed to obtain important licenses
LCX CEO Monty Metzger said the licenses have made LCX a regulated crypto exchange, digital asset custodian, price oracle provider, digital asset compliance provider, smart contract creator and token offering platform.
The exchange was currently operating with retail crypto services in Europe and Switzerland, and securities token services in the US. However, these services are now expanded to allow the firm to create security tokens for its clients.
Metzger said in a statement:
If one of the banks wants to have securities token clients around the world and wants to go through Liechtenstein, they have to work with one of the regulated token producers. We are the token generator in the region.
They also explored the idea of creating a CBDC.
In an era when banks are discovering not just Bitcoin but their own digital assets, LCX is positioned as a retail exchange that can help other institutions launch their own digital assets. Last year, several central banks explored the idea of creating central bank digital currencies (CBDCs), including the US, China, and South Korea.
Because LCX worked before Liechtenstein developed its crypto regulatory framework, it operated under a clause that exempted it from licensing requirements for a short time.