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Digital asset trading platform Bittrex International has announced its plans to expand its operation to Liechtenstein.
In its press release, Bittrex International said that it will operate in Liechtenstein within the proposed regulatory framework under consideration by the country’s parliament.
In May, the government of Liechtenstein adopted the Report and Motion on the creation of a Law on Tokens and Trustworthy Technology Service Providers, also referred to as the “Blockchain Act”.
“The Blockchain Act under consideration in parliament will provide certainty to companies operating in the blockchain industry. The Liechtensteiner government and regulators are taking a very proactive, pro-business approach looking to foster innovation in blockchain, which fits perfectly with our mission and we applaud them for their work,” said Bill Shihara of Bittrex International.
Bittrex International said that its platform will maintain its own local operations, including a compliance team to ensure high levels of Know Your Customer (KYC) and Anti-Money Laundering (AML) review. The platform features a streamlined token approval process and provides trading options on trading pairs including fiat markets in the US dollar with plans to add Euro and additional fiat markets in the near future.
“We are delighted to launch Bittrex International in Liechtenstein and offer our clients access to such a well-established financial center in the heart of Europe,” Shihara said. “This is a unique opportunity for Bittrex International to bring our world class technology and security to a market with great infrastructure, strong, open-minded regulators and a well-educated financial services workforce.”
Earlier in April, the New York State Department of Financial Services (DFS) rejected Bittrex’s application for BitLicense citing a number of factors. In response, Bittrex said at the time that it “fully disputes the findings” and revealed that the department had presented a “supervisory agreement” that, if agreed to, would have resulted in the issuance of a BitLicense and a Money Transmission License to Bittrex.
Last month, Bittrex partnered with IdentityMind, a risk management and RegTech compliance platform, for boosting its anti-money laundering (AML) measures.
