In a recent development, Binance LCX, a joint project between Binance and Liechtenstein Cryptoassets Exchange (LCX), has made an announcement to launch a fiat-to-crypto exchange, as published by Business Wire on August 16, 2018.
Binance will be providing the platform support whilst Binance LCX will look after customer support and legal compliance
Liechtensein, which is geographically positioned in the heart of Europe and is part of the European Economic Area (EEA), is the ideal location for the new platform. Trading between Swiss Francs and Euros versus major digital currency pairs will be offered in this platform and will be adding more pairs soon.
In a statement by Adrian Hasler, Prime Minister of Liechtenstein :
“We welcome Binance LCX to Liechtenstein. Blockchain technologies are laying the basis for an entirely new industry. We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other Blockchain companies to provide exceptional services here in Liechtenstein,”
Seeing its great potential, Liechtenstein has made a friendly stance to blockchain technology and has recently come up with a new law which provides legal certainty for blockchain related businesses and customers. This move has echoed developments in nearby Switzerland’s Zug known as a “Crypto Valley”
In Cointelegraph’s interview with the Prime Minister, Hasler added:
“Blockchain can serve as an important base for a variety of economic applications, covering not only payment transactions but broader financial solutions, industry use cases and general applications.”
Bank Frick, one of Liechtenstein’s lending institution started offering direct investment and cold storage for five major cryptocurrencies in which the service is focused on “professional market participants and financial intermediaries.” Hubert Buchel, Chief Client Officer at Bank Frick, said that services related to cryptocurrencies “are in demand from companies across the whole of Europe.”