The Cryptocurrency industry is growing by leaps and bounds, and there are certain rules, laws, and regulations that need to be followed to officially be part of this side of the economy.
With an idea on paper and building a licensed blockchain ecosystem, LCX has come a long way, and the journey has been superlative. This year, also the founder of LCX, Monty C. M. Metzger has turned every stone to ensure that LCX is a regulated and fully compliant company.
The Liechtenstein Cryptoassets Exchange (LCX) believes that regulating the system will ultimately help avoid crypto frauds. Therefore, LCX is registered with the Financial Market Authority of Liechtenstein (FMA) pursuant to the TVTG regulatory framework (Token and Trusted Technology Service Provider Act). Let’s deep dive into the details:
LCX is registered as a Trusted Technology exchange service provider, it exchanges legal tender like Swiss francs or Euros for Tokens and vice versa, as well as Tokens for others.
Special internal control mechanisms
LCX, as a TT Exchange Service Provider, makes sure that appropriate internal control mechanisms are all set before beginning their activities to:
LCX, as a TT Exchange Service Provider, provides the FMA with every detail regarding business activities that is mandatory in order for the FMA to carry out their legal mandate. Additionally, LCX instantly informs the FMA of:
The tokens are safeguarded in the name of others or for the account of others. The TVTG expresses that the TT service provider, i.e., LCX, must make sure that tokens kept in custody are segregated from the corresponding users.
LCX, as a TT Token Depositary, makes sure that appropriate internal control mechanisms are all set prior to start of activities for the purpose to:
LCX guards the TT keys (e.g. private keys) for clients, for instance, to enhance the protection of clients from loss or mishandling of private keys..
The TT Keys kept in protective trusteeship for a client, whether in the own name of the TT Key Depositary or in the name of the client, are deemed separated third-party assets in the incident of execution proceedings, constitution proceedings, or bankruptcy. Clients will be safeguarded from claims by the TT Key Depositary’s other creditors.
LCX, as a TT Price Service Provider offers the TT system to the users with aggregated price details depending on sale and purchase offer or finished transaction.
LCX, as a TT Price Service Provider makes sure that appropriate internal control mechanisms are all ready before initiating their activities in the interest of:
LCX, as a token issuer, publicly provides the service of Token issuance in their name (Token Issuer pursuant to Art. 12 para. 2 TVTG) or in the name of the client (Token Issuer pursuant to Art. 12 para. 1 TVTG).
LCX, as a Token Issuer, makes sure that appropriate internal control mechanisms are all set prior to start activities for the purpose to:
LCX as a TT identifier identifies the person in ownership with the right to dispose of a token and record the right of disposal in a directory. This indicates that with the TT Identity Service Provider, the TT Identifier (e.g. public key) is registered and designated/allocated to the owner.
LCX, as a TT Identity Service Provider, ensures that appropriate internal control mechanisms are all ready before initiating their activities in the interest of:
LCX as a token generator establishes the technical rules for how Tokens function, which communications are feasible and, in specific, under what situations Tokens can be transmissible.
LCX, as a Token Generator makes sure that appropriate internal control mechanisms are all ready prior to commence actions in order to:
LCX has gathered all these registrations and become one of the world’s most trusted and valued fintech companies.
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LCX AG is a company found in 2018 and registered in Liechtenstein No. FL-0002.580.678-2. LCX AG is regulated by the Financial Market Authority of Liechtenstein under the registration No. 288159 as a trusted technology service provider.
LCX AG Herrengasse 69490 VaduzLiechtenstein
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