Oct 25, 2019
Royal welcome for Bittrex Global in Vaduz
Bittrex Global, a blockchain trading platform, has marked the launch of its new headquarters in Liechtenstein with an event showcasing emerging blockchain opportunities in the country.
CEO Kiran Raj described how Liechtenstein’s recently ratified Blockchain Act, which provides a comprehensive regulatory framework for the industry, “makes it much easier for us to innovate quickly and efficiently, in a safe way for our customers.” He described Bittrex’s ambition to eventually apply for the proper licenses that would allow it to provide a “full package” of digital trading possibilities, from cryptocurrencies through to traditional securities.
While COO Stephen Stonberg described the planned roll-out of features on the Bittrex Global platform from fiat gateways to leveraged trading, credit card on-ramps, Euro trading pairs and a mobile trading app.
The arrival of Bittrex Global follows the ratification of the Blockchain Act, which places Liechtenstein at the forefront of the token economy, allowing a wide variety of assets — from real estate to securities — to be tokenized. Discussions at the event focused on how this new framework can boost innovation in blockchain, provide the safeguards for more investors to engage with the token economy and create certainty. “Having regulatory clarity around blockchain in an established banking centre is pretty unique,” Stonberg said of Liechtenstein’s advantages as a base for Bittrex Global and all participants in the blockchain economy.
The event was addressed by HSH Prince Michael of Liechtenstein, who commented: “As a citizen of Liechtenstein, a businessman in Liechtenstein, I’m particularly proud that we are a global pioneer with the recently passed Blockchain Act. This new Act provides an ideal framework for the blockchain industry, especially in finance.”
Speaking to BLOCKTV, Liechtenstein’s Prime Minister Adrian Hasler also praised the importance of the Act. “For the token economy it’s essential to have clear regulation. We [now] have clarity for the companies and clarity for the people here who work in blockchain.” He continued: “I think blockchain has great potential and for Liechtenstein it is important as a small country to use blockchain technology for the future, for new business models. For that, it’s very important to be open for innovation.”
Bittrex Global launches this month with the ambition to be the first blockchain exchange platform to operate within the framework of the Blockchain Act, which comes into effect in January 2020. The platform is built on the industry-leading technology of U.S-based Bittrex, which has been operating since 2014, and has features from a custom-built trading engine to a multi-wallet strategy to ensure security, and established KYC (Know Your Customer) and AML (anti-money laundering) procedures. It will serve global customers who are: not a US passport holder, not resident in the United States, and not resident in other prohibited countries. As well as operating within the regulatory framework of the Blockchain Act, Bittrex Global will maintain its own compliance team to ensure the highest levels of KYC and AML.
The event also featured presentations from two token teams who are considering listing on the Bittrex Global exchange: apM Coin, a blockchain-powered customer rewards and payment platform for the wholesale fashion industry; and BLOCKTV, a video news provider specialising in blockchain and cryptocurrency markets.
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