OpenVASP Association Welcomes LCX as Its Newest Member
by LCX Team · March 25, 2021
LCX.com is joining the OpenVASP Association as a member. LCX is joining the association alongside SEBA Bank, Bitcoin Suisse, Tezos Foundation, web3 Foundation and others.
The OpenVASP Association is a non-profit organization dedicated to advancing an open protocol for the transmission of transaction information between Virtual Asset Service Providers (VASPs) and other parties. OpenVASP Association is located in Crypto-Valley Zug, Switzerland.
The Financial Action Task Force, short call FATF, is the international organization responsible for overseeing measures taken to combat money laundering and terrorist financing. In June 2019 the FATF announced new regulation to share beneficiary information during transfer between all Virtual Asset Service Providers (VASP). This rule has been in place for all banks and financial institutions for many years, but now this is important for fintech and cryptocurrency companies like LCX.
LCX is a regulated trusted technology service provider in accordance with the Liechtenstein blockchain laws. As LCX is also a Virtual Asset Service Provider (VASP), we have to comply with the FATF travel rule as well. The Liechtenstein government is currently drafting an amendment to the due diligence law which will include the travel rule. As a result we have been preparing to implement the travel rule requirements already – full implementation will be done as part of our compliance product roadmap.
LCX will be contributing to the mission of OpenVASP by supporting the OpenVASP protocol as a standard of crypto-financial messaging between VASPs and implementing it at the LCX platform.
All major Virtual Asset Service Providers will be forced to implement this. For example Facebook’s Diem Association, Crypto-Banks and regulated Crypto-Brokers. That’s why we also want to integrate these new requirements as we don’t want to be excluded from the major players and networks, we want to grow together with reliable companies in the industry, and we want to provide a secure and trustworthy platform for our users.