Liechtenstein grants e-money license to TenX
Blockchain company TenX from Singapore is the world’s first ICO funded company to achieve the status of a regulated e-money financial institution. It was granted the corresponding e-money license with conditions in Liechtenstein.
The Financial Market Authority Liechtenstein (FMA) has issued an e-money license with conditions and requirements to TenX. In a press release, TenX reported that this makes it the first company funded via an initial coin offering (ICO) to receive a license of this kind in the world. With this license, TenX will be able to provide electronic money institution services across the European Economic Area (EEA).
“Liechtenstein is striving to provide the best legal and administrative framework for technology-oriented companies in combination with our long-standing tradition of being one of the core financial centers in Europe,” commented Thomas Duenser, Director of the Office for Financial Market Innovation, Ministry for General Government Affairs and Finance, Liechtenstein. TenX now intends to strengthen Liechtenstein’s blockchain ecosystem. According to Duenser, this shows that Liechtenstein’s strategy is well-received by the market.
The company’s core product is the TenX Card, which can be used to pay for purchases in normal shops with cryptocurrencies. TenX reports that this trend began in Switzerland a few years ago and can now also be seen in Singapore. TenX is now rolling out its card in Europe, though this card is only the first step – the company is working to help build a decentralized future.