The license granted by the Liechtenstein FMA to the Swiss crypto exchange Smart Valor enables it to do business as crypto custodian and exchange service provider.
The Swiss Crypto Smart cards can Valor after receiving a license from the Financial Market Authority Liechtenstein operate from the Principality (FMA) in future, as a split with Cointelegraph company press release.
The decision is based on the TVTG Act (Token and TT Service Provider Act) passed in Liechtenstein at the end of 2019 , which requires crypto exchanges and crypto custodians to have an FMA license.
Comprehensive crypto regulation
The new regulation, which has been in full force since January 2021, defines ten new categories of blockchain service providers such as token custodians, exchange service providers, physical validators or token issuers. The law implements the alignment with international regulatory standards for the crypto industry, which provide for monitoring according to the Due Diligence Act for such services.
According to Smart Valor CEO Olga Feldmeier, the FMA’s hurdle was “high”. Feldmeier summarizes the efforts to achieve this goal as follows:
“We are extremely pleased that we have built a stock exchange infrastructure that meets the high standards of financial regulation in Liechtenstein. Last year we had the opportunity to further expand our internal control mechanisms and compliance with money laundering regulations to an international and EU-compliant level. We have also strengthened our corporate governance and established a professional board. ”
The TVTG law describes Smart Valor as “one of the most progressive legal frameworks in Europe”. Equipped with the FMA license, a new chapter is now being opened in the strategic roadmap for institutional business. For the first quarter of 2021, for example, an institutional offer for independent asset managers, family offices and small banks is planned, including brokerage, trading and custody of cryptocurrencies and digital assets.
Offer from Smart Valor
Smart Valor was in 2019 as the first integrated crypto Swiss Stock Exchange with trading, brokerage and custody of crypto currencies went to the starting line . With regard to Smart Valor’s activities as a crypto service provider in Liechtenstein, following an FMA warning at the end of 2019, there were in the meantime ambiguities that should now have been completely resolved with the receipt of the FMA license. Nothing stands in the way of doing business in the Principality.