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Cryptocurrency trading platform Bittrex has unveiled its plan to launch a new digital asset platform, Bittrex Global, based in Liechtenstein.
The platform, which aims to provide “access to a wide variety of tokens” to crypto traders, is slated to be launched by the end of this month, according to a report by Cointelegraph.
As per the report, Liechtenstein was chosen because of its clear regulations toward digital currencies and blockchain technology.
The exchange, which follows the EU law, is also expected to release features such as customer reward programs, credit card interoperability, and private token sales.
After the launch, Bittrex also plans to register under the Transaction Systems Based on the Trustworthy Technologies Act, or also called as the Blockchain Act.
Bittrex also made some appointments, designating Kiran Raj and Stephen Stonberg as the new CEO and chief operating officer of the Liechtenstein-based subsidiary, respectively. Before joining Bittrex, Raj was a partner at the Los Angeles-based law firm O’Melveny & Myers LLP and serve as U.S. Department of Homeland Security’s deputy general counsel. Stonberg, on the other hand, had a 25-year career in the financial industry.
Meanwhile, the news follows after Bittrex announced it will adopt Chainalysis’ real-time monitoring software, called Chainalysis KYT (Know Your Transaction), to flag malicious transactions across several cryptocurrencies traded on its platform, including ETH, bitcoin cash, litecoin, dai, and gemini.
Bittrex also joined hands with Coinbase and other industry-leading exchanges to form the Crypto Rating Council, an organization that aims to help traders comply with U.S. federal securities laws. Employing a point-based system, the council aims to issue a 1–5 rating for cryptocurrencies or token’s similarity to a security.
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