SMART VALOR opened its doors to customers in July 2019 and has been the first crypto exchange established under the Liechtenstein jurisdiction. The new TVTG (Token- und VT-Dienstleister-Gesetz) law was approved by parliament at the end of 2019 and came into force on the 1st of January 2020. The year 2020 was a transitionary period for SMART VALOR to achieve the approval for registration as an exchange and a custodian for cryptocurrencies and digital assets.
“We are incredibly pleased to see that we have built and operate a cryptocurrency exchange which satisfies the requirements of this new progressive blockchain regulation. During the last year we had an opportunity to finetune our internal control mechanisms and AML compliance. We also strengthened our corporate governance and established a professional board,” said Olga Feldmeier board chair of SMART VALOR.
The new regulation defines ten new categories of blockchain service providers, such as custodian, exchange, physical validator, token issuer and more. It is also notable in respect to alignment with international regulatory standards as it implements the FATF recommendations, which provide for supervision under the Due Diligence Act for such services. TVTG regulatory framework represents one of the most advanced regulatory frameworks in Europe.
Equipped with the FMA license for custodial exchange, SMART VALOR is opening a new chapter in its strategic roadmap embracing institutional business. Already during the first quarter this year SMART VALOR is rolling out institutional offering for independent asset managers, family offices and small banks, which will include brokerage, trading and custody of cryptocurrency and digital assets. “We are perfectly positioned here as we are currently the only one truly local custodial digital asset exchange, which not only operates in accordance with local regulatory requirements for crypto exchange but also speaks the customers’ language.” – said Olga Feldmeier.
The status of SMART VALOR registration can be found here. For this new regulatory framework FMA has created a new TVTG register.