A Joint Venture between Binance and Liechtenstein Cryptoassets Exchange (LCX) known as Binance LCX has brought to the public notice that it has launched a fiat-to-crypto exchange. This development was announced on 16 August through a press release.
Liechtenstein will be hosting this revolutionary trading platform. It will make debut with trading between Swiss francs (CHF) and euros (EUR) offered in exchange with major digital cryptocurrencies pairs. With time more trading pairs would be included as soon as they are approved by regulations.
Binance to Provide Support
According to the release, Binance would offer support while Bnance LCX itself would lead the way in its main duties of customer support, regulatory compliance, and government communication.
“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.” The prime Minister of Liechtenstein, Adrian Hasler sated during the launch.
This latest development in Liechtenstein goes further to substantiate the belief that the country has a positive outlook towards blockchain and cryptocurrency generally, which is a position its close neighbour, Switzerland, had taken that earned it the name “Crypto Valley” at canton of Zug.
Liechtenstein Promotes Blockchain Technology
In keeping with its crypto-friendly stance, Liechtenstein recently introduced a new blockchain law which offers legal and regulatory assurances to business enterprises and customers alike. During his interview with Cointelegraph, the prime Minister revealed that his country believes in the awesome opportunities that blockchain technologies offer.
He noted that:
“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.”
Earlier in March of this year, Bank Frick, Liechtenstein Lending Institution started offering “Direct Investment”, also cold storage for some 5 cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum Litecoin and Ripple. The bank’s chief client Officer, Hubert Buchel also said that their services bordering on crypto “are in demand from companies across the whole of Europe.”