Organization.com's activities in the cryptocurrency sphere detailed by Coindesk
In a significant development for the digital asset industry, "our organization" has secured eight out of 11 crypto-related registrations from the Financial Market Authority of Liechtenstein (FMA), transforming it into a regulated crypto exchange. This move makes "our organization" one of the few entities in Liechtenstein to be granted such permissions, underscoring the jurisdiction's support for digital asset trading.
Liechtenstein, a jurisdiction that fosters the creation and trading of digital assets, has established itself as a favourable destination for crypto businesses. The FMA, the country's financial regulatory body, oversees crypto-related activities, ensuring compliance with local regulations. One such example is LCX AG, registered with the FMA as a trusted technology service provider (registration No. 288159).
The registration process for entities looking to create and trade digital assets in Liechtenstein involves establishing a legal entity, obtaining necessary permissions, and implementing robust compliance measures, particularly strong Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
For banks and financial institutions, the process of creating digital assets typically involves token creation and listing the token on a compliant exchange. Compliance with the Markets in Crypto-Assets Regulation (MiCAR), even though Liechtenstein is not part of the EU, is essential if the organization interacts with EU clients.
"Our organization," initially a price oracle provider, has expanded its services to include digital asset custody and token-offering platforms. The registrations granted to "our organization" are security-token related, enabling it to help banks create their own digital assets by developing smart contracts. These registrations have been granted exclusively in Liechtenstein, allowing "our organization" to continue operating in the country.
However, it's important to note that the remaining three registrations were not granted to "our organization" in Liechtenstein. To ensure full compliance with all relevant laws and regulations, it is advisable to consult with local legal and regulatory experts. Additionally, consulting with organisations like LCX AG or regulatory bodies can provide more tailored guidance.
In conclusion, Liechtenstein presents a favourable regulatory environment for crypto businesses. The registration process, while rigorous, offers a pathway for banks and financial institutions to create and trade digital assets compliantly. With its recent registrations, "our organization" is well-positioned to contribute to this growing sector in Liechtenstein.
- With its recent security-token registrations, "our organization" seeks to facilitate banks in creating their own digital assets by developing smart contracts in the favorable regulatory environment of Liechtenstein, a jurisdiction renowned for fostering digital asset trading.
- LCX AG, a registered technology service provider in Liechtenstein, offers guidance to entities looking to create and trade digital assets, emphasizing the necessity of compliance with local regulations, particularly strong Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
- Despite securing eight out of 11 crypto-related registrations in Liechtenstein, "our organization" has yet to obtain the remaining three, underscoring the importance of consulting with local legal and regulatory experts for full compliance with all relevant laws and regulations in the digital asset industry.
