American crypto exchange Bittrex has announced its expansion into Liechtenstein. The exchange will offer its users in the Central European country trading pairs, including fiat markets in USD, with the promise of Euro markets in the future.
The exchange will operate in Liechtenstein within the proposed regulatory framework under consideration by the country’s parliament. The framework, known as the Blockchain Act, is the country’s first comprehensive regulatory structure that seeks to bring order to the sometimes-chaotic digital currencies and blockchain industry.
Bittrex will maintain local operations in Liechtenstein, “including a compliance team to ensure the same high levels of Know Your Customer (KYC) and Anti-Money Laundering (AML) review as other Bittrex International services,” the exchange stated.
Liechtenstein offers the exchange a unique vantage point into the rest of Europe, Bittrex International’s Bill Shihara stated. Located in the heart of Europe, the country has one of the most well-established financial systems in the region. The exchange will seek to bring its “world class technology and security to a market with great infrastructure, strong, open-minded regulators and a well-educated financial services workforce,” he added.
Shihara also praised the country’s push to regulate the industry through the Blockchain Act stating, “Likewise, 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.”
Bittrex has constantly been in the news in the past few months. The exchange got into a feud with the New York Department of Financial Services (NYDFS) regarding the regulator’s denial of the BitLicense to the exchange. The two entities got into a heated exchange, with the Seattle-based exchange claiming the regulator was acting in bad faith.
The company also announced that it was cutting off U.S. traders from 32 cryptos on its platform due to regulatory pressure, promising to cut them off from more in the future.
However, in recent times, Bittrex has grabbed the headlines for more positive developments. Earlier this month, the exchange announced that it would lower USD market fees as well as expand its international operations in the summer.
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