New fiat to crypto exchange kicks off in Liechtenstein
There has been a new joint venture between Binance and Liechtenstein crypto assets exchange (LCX). Binance has brought a sophisticated service to the public known as Binance LCX, that it has latched the first fiat-to-crypto exchange in Liechtenstein. The development was launched on the 16 of August 2018 through a press release.
The new and innovative trading platform will be hosting fiat currencies like Swiss francs (CHF) and euros (EUR) among others. Offering an exchange with some of the top cryptocurrencies available. LCX also said that there will be more trading pairs available, after the approval of government regulations of such digital currencies.
What Binance will bring to the table
According to sources, Binance will be offering its support to LCX while they will be leading the area of customer support, regulatory compliance, and government communication.
The Prime Minister of Liechtenstein, Adrian Hasler said during the launch that. “ We are confident that Liechtenstein’s existing and future legal framework and practices provide a robust foundation for the Binance LCX and other Blockchain companies to provide exceptional services here in Liechtenstein.”
Through this latest development, the country has shown it’s support and enthusiasm for the Blockchain and cryptocurrency space with a positive foresight towards the global adaption of this technology. This puts Liechtenstein in a supportive role as their neighboring country Switzerland, which has been open and outspoken of their trust and support for cryptocurrencies, which had given them the name “Crypto Valley” at Canton of Zug.
Liechtenstein excited for Blockchain technology
Liechtenstein has introduced a new blockchain law for population, in which legal and regulatory assurance will be made for business enterprises and customers. This was through an interview with cointelegraph with the Prime Minister of Liechtenstein, revealing that the country has great belief in the potential and opportunities that the Blockchain technology has to offer.
The Blockchain can be served as an important base for variety in economic activities and applications, not just covering payment transactions globally but also a broader financial solution to use case in the industry in general.
Earlier in March of this year, Bank Frick the lending Institution of Liechtenstein started offering the public Direct Investments into cryptocurrency cold storage, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple. Bank chief officer, Hubert Buchel said that there is alot of demand from companies across Eurpope that are interested in their services.
How do you think this will share up the growth of the blockchain and cryptocurrency industry? Feel free to leave your opion or comment below