Smart Valor from Zug has been granted crypto licenses by the Financial Market Authority Liechtenstein (FMA). According to a press release, the FMA has approved services including the staking and trading of cryptocurrencies with these licenses.
The licenses are based on the new Law on Tokens and TT Service Providers, which was passed by the Parliament of Liechtenstein at the end of 2019. The law entered into force last January, with 2020 a transition period for existing companies to register under the new legislation.
Smart Valor reports that it worked together with the FMA throughout the year to gain the crypto licenses. “We are delighted to have developed a trading infrastructure that meets the high standards of financial regulation in Liechtenstein,” said Olga Feldmeier, CEO of Smart Valor. “Last year, we had the chance to further strengthen our internal control mechanisms and compliance with money laundering regulations at international and EU level.” The company also enhanced its corporate governance and established a professional board.
Smart Valor began operating as a crypto exchange in Liechtenstein in July 2019. With these new licenses, it now intends to grow its institutional business. The plan is to create an institutional offering for independent asset managers, family offices and small banks as early as the first quarter of 2021. This will comprise the brokerage, trading and staking of cryptocurrencies and digital assets. “We are in a great position in this respect, because we are currently the only truly local exchange and custodian of digital assets,” explains Feldmeier.