Binance has partnered with Lichtenstein Cryptoassets Exchange (LCX) to launch a fiat paired cryptocurrency exchange. The exchange will have varying cryptocurrencies paired with both the euro (EUR) and Swiss Franc (CHF). The prime minister of Lichtenstein, Adrian Hasler, commented:
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.
Lichtenstein is very welcoming to blockchain technology. They have even established the “Lichtenstein Preparing Blockchain Act” that lays out laws, provides customer protection, and plans to prevent criminal activity.
Not only has Binance launched an exchange in Lichtenstein, but they are to do so in Singapore in the next 2 days.
I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS
As more and more fiat paired cryptocurrency exchanges continue to pop up, money will more readily flow from fiat into cryptocurrency. Imagine the day where cryptocurrency is more common than fiat? We are well on our way.
In addition, Binance is launching a security token exchange platform in Malta. Malta is also very pro-blockchain and has in place a transparent regulatory framework, making it a prime spot for blockchain to thrive. It has even earned the nickname “blockchain island”. Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri comments on this topic:
We were given the title as being the world’s blockchain island due to the way the Maltese government views blockchain technology as a whole. While other countries are typically looking at crypto and blockchain for short-term gains, we understand what blockchain technology can offer in the long run.
They welcome ICO’s and exchanges and allow them 6 months and 1 year, respectively, to abide by the regulations in place.
It appears as though more and more countries are shifting towards a more long-term, compliant approach to blockchain as opposed to a short-term, resistant approach. Global adoption is slowly happening right before our eyes, and it may happen faster than we think.
Binance has partnered with Lichtenstein Cryptoassets Exchange (LCX) to launch a fiat paired… was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.