Per a press release shared with Cointelegraph on Sept. 30, Bittrex is expecting to roll out Bittrex Global at the end of October in the city of Vaduz, Liechtenstein. A fundamental reason for Bittrex’s choice to set up a new trading platform in Liechtenstein is the country’s regulatory clarity toward digital currencies and blockchain technology.
New products in accordance with European Union law
Bittrex Global is planning to develop new features and products, including customer reward programs, credit card interoperability, private token sales under EU law and a mobile app for trading cryptocurrencies. Following its launch, Bittrex Global also intends to register under the Transaction Systems Based on the Trustworthy Technologies Act, also known as the Blockchain Act.
As part of the platform’s launch, Bittrex Global made new appointments, with Kiran Raj as the first chief executive officer and Stephen Stonberg as chief operating officer. Prior to joining Bittrex Global, Raj was a partner at Los Angeles-based law firm O’Melveny & Myers LLP and served as the Deputy General Counsel of the U.S. Department of Homeland Security. Stonberg has a 25-year career in financial markets.
Liechtenstein’s approach to regulating crypto and blockchain
The government of Liechtenstein passed the Blockchain Act this spring. Alongside stringent rules on Anti-Money Laundering and Know Your Customer requirements, the act essentially provides a clear legal basis for the ownership, transfer and safe storage of security tokens.
Following that, the government passed the Token and VT Service Providers Act, which aims to improve investor protection, combat money laundering and establish clarity. The government expressed confidence that the new regulation will create an adequate regulatory environment that counters the risks, provides regulatory clarity and facilitates the development of the token economy.