Personal Information Protection and Compliance
by LCX Team · October 27, 2022
LCX strives to serve as the most trusted platform for selling, buying, and exchanging digital assets. Trust is the best way to get more people to join the crypto economy and help us reach our goal of increasing economic freedom all over the world.
What Is LCX Doing To Earn And Maintain Trust?
To earn and maintain trust, we must ensure the security of all transactions backed by our platform. And following the relevant regulations and laws is a crucial component of that. LCX has always believed that compliance can’t be an afterthought; it has to be at the heart of how we do business if we want cryptocurrency to get the legitimacy it needs for mass adoption.
In practice, this means adhering to various laws and regulations, a few of which are more rigorous than others. And if you are a follower of LCX you would know that we take our rules and regulations very seriously. LCX is registered with the Financial Market Authority of Liechtenstein (FMA) pursuant to the TVTG regulatory framework (Token and Trusted Technology Service Provider Act).
How Does LCX Protect Personal Information?
Cryptocurrencies are a highly regulated market, with different parts of it overseen by numerous federal government regulators, individual states, and others — and that’s just in the United States. If we want to provide LCX services in other countries, we must also follow local regulations.
The potential benefits of web3 may enable individuals to establish and own centralized identities in the future, sharing far fewer pieces of data with third parties and maintaining that information securely. We’re also thrilled about advancements in digital identity, which may shift our reliance away from conventional forms of identification such as driver’s licenses and other paper documents. But for now, we are obligated to follow the existing laws, some of which have existed since before the introduction of the Internet to the world.
This requires us to obtain basic information about our customers and their businesses. We occasionally require much more detailed information, but only for a very small proportion of our customer base. This allows us to comply with KYC “Know Your Customer” regulations while also keeping LCX and the cryptocurrency economy safe. We are committed to protecting our customers’ privacy and making sure they have a smooth and easy experience with us no matter what.
We also talk with policymakers all over the world on a regular basis to push for rules that protect our customers’ privacy and are fair and reasonable.
What is LCX?
LCX.com is a fast-growing trusted technology service provider offering clients the solutions for a compliant security token offering for issuing and managing tokenized securities and digital assets.
LCX is also a member of the World Economic Forum C4IR and has been named Blockchain Pioneer by the Blockchain Research Institute. In 2020 LCX gained regulatory approval of 8 registrations following the blockchain laws by the Financial Market Authority Liechtenstein under Registration Nr. 288159.
While some in the virtual currency sector have doubted the application of more traditional Know Your Customer (“KYC”) prerequisites in this novel space, widespread adoption of crypto will rely on the ecosystem’s ability to build and maintain trust and integrity. People must be able to buy virtual currency using common payment methods and feel safe doing so for crypto to succeed. That can only happen if companies like LCX follow local laws and regulations while collaborating with policymakers to guide the next generation of financial institutions. Therefore, for crypto to be mass adopted, compliance is necessary.
That’s why LCX will always be working to be an industry leader in customer data protection and compliance, working towards preserving our community’s trust and building a trustworthy crypto economy.
