LCX, a leading blockchain and cryptocurrency company, is pleased to announce that it has received regulatory approval as a Physical Validator according to the Liechtenstein Blockchain Act (TVTG). This makes LCX the first and only company in Liechtenstein, as well as the first company worldwide, to attain this registration.
As a Physical Validator, LCX is responsible for maintaining the integrity and security of the tokenized assets on the blockchain. This involves verifying the authenticity of underlying assets and the physical safe-keeping of the real-world assets. The role of Physical Validator is critical to the overall health and stability of the blockchain industry, as it helps to prevent fraud and other malicious activities.
“As the first Physical Validator in Liechtenstein and globally, we are proud to take on this important responsibility and contribute to the growth and stability of the blockchain industry. At LCX, we are committed to driving innovation and adoption through projects like Tiamonds – tokenizing real-world diamonds as NFTs. We are excited to continue our dedication to compliance and expanding our reach in the coming year.” – Monty C. M. Metzger, CEO of LCX
The Tiamonds project by LCX demonstrates the potential for tokenizing physical assets. Tiamonds is a platform for tokenizing diamonds, allowing investors to purchase and trade diamond assets using blockchain technology.
Tokenizing ownership rights to a diamond is an example of bringing a physical, real-world asset online. In this case, a Physical Validator is responsible for ensuring that the diamond exists and ensuring that it is securely stored. As a regulated and liable party, the Physical Validator plays a critical role in maintaining the integrity and security of the tokenization process.
With regulatory approval as a Physical Validator, LCX is well positioned to expand the Tiamonds platform in 2023 and continue its efforts to drive innovation and adoption in the blockchain industry.