LCX Becomes First Physical Validator in Liechtenstein and Globally
VADUZ, LIECHTENSTEIN, Dec. 20, 2022 (GLOBE NEWSWIRE) — LCX, a leading
blockchain and cryptocurrency company, is pleased to announce that it 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.
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.
“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 C. M. Metzger, CEO of LCX
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.
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.
With regulatory approval as a Physical Validator, LCX is well positioned to
expand the Tiamonds platform in 2023 and continue its efforts to drive
innovation and adoption in the blockchain industry.
About LCX: LCX, the Liechtenstein Cryptoassets Exchange, is a global financial
technology company based in Liechtenstein 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. Visit LCX.com.
About Tiamonds: 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. Visit Tiamonds.com.
