Trusting the legal opinion that was submitted to the regulator, the Financial Market Authority (FMA) in Liechtenstein has declared that it will not regulate the crypto-to-crypto business of ETERBASE.
Having declined the applicability of the currency exchange model, and created a legal certainty regarding it, the FMA has taken this decision as ETERBASE won’t exchange crypto-to-fiat pairs individually but will match exchange orders. In a bid to provide customers with hot wallets and cold storage, and fiat gateways, ETERBASE is joining hands with various regulated financial institutions. This allows ETERBASE customers to choose from the different financial institutions and fulfill their security requirements.
ETERBASE aims to comply with the present and future legislation fully, and to do so; they are taking all necessary steps. One of which is, rigorous KYC/AML/CTF processes for participants eligible for the ICO.
The judgment passed on ETERBASE’s crypto-to-crypto trading by the FMA complied with and based on the present Lichtenstein law and on legal facts that can be differently judged in foreign countries and on the legal opinion of NÄGELE Attorneys at Law LLC in Liechtenstein.
The future looks bright for ETERBASE, as the company aims at securing approval for Electronic Money License. Following which, it can issue International Bank Account Numbers and debit cards. This will help them cater to over 500 million customers across the European Economic Area.