Liechtenstein-based LCX has received regulatory approval as a Physical Validator according to the Liechtenstein Blockchain Act (TVTG). This makes LCX the first and only company in Liechtenstein, as well as the first company worldwide, to attain this registration.
LCX is a global financial technology company that focuses on tokenization of assets, compliant utility token offerings, and operating LCX Exchange, a regulated cryptocurrency exchange platform. With a strong focus on compliance and a commitment to driving innovation in the industry, LCX is now holding a total of 9 regulatory approvals and is well positioned to continue expanding its offerings and making a positive impact on the growth and development of the blockchain and cryptocurrency markets.
As a Physical Validator, LCX is responsible for maintaining the integrity and security of the tokenized assets on the blockchain. This involves verifying the authenticity of underlying assets and the physical safe-keeping of the real-world assets. The role of Physical Validator is critical to the overall health and stability of the blockchain industry, as it helps to prevent fraud and other malicious activities.
Monty C. M. Metzger, CEO of LCX, said: “As the first Physical Validator in Liechtenstein and globally, we are proud to take on this important responsibility and contribute to the growth and stability of the blockchain industry.
“At LCX, we are committed to driving innovation and adoption through projects like Tiamonds – tokenizing real-world diamonds as NFTs. We are excited to continue our dedication to compliance and expanding our reach in the coming year,” Monty added.
The Tiamonds project by LCX demonstrates the potential for tokenizing physical assets. Tiamonds is a platform for tokenizing diamonds, allowing investors to purchase and trade diamond assets using blockchain technology.
Tiamonds is the world’s largest blockchain-powered marketplace for diamond NFTs. Each Tiamond is a non-fungible token (NFT) that is 1-to-1 backed by a unique and non-fungible diamond that is identified by a GIA certificate and held in secure storage, insured by Lloyds of London. The link between the physical diamond and the digital NFT is ensured by LCX’s regulated role as a Physical Validator according to the Liechtenstein Blockchain Act (TVTG). This makes Tiamonds a secure and reliable platform for investing in diamond assets using blockchain technology.
Tokenizing ownership rights to a diamond is an example of bringing a physical, real-world asset online. In this case, a Physical Validator is responsible for ensuring that the diamond exists and ensuring that it is securely stored. As a regulated and liable party, the Physical Validator plays a critical role in maintaining the integrity and security of the tokenization process.
LCX said in a press release shared with AlexaBlockchain that by attaining regulatory approval as a Physical Validator the compaany is now well positioned to expand the Tiamonds platform in 2023 and continue its efforts to drive innovation and adoption in the blockchain industry.
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