Due Diligence Act (SPG)
For the Liechtenstein financial market, there are a number of laws and obligations that guarantee legal certainty, trust and stability. The due diligence required to combat money laundering, organized crime and terrorist financing are set out in the Due Diligence Act (SPG). For trust in cryptocurrencies and blockchain applications, it is essential that these regulations also apply to services based on the new technologies. The Principality of Liechtenstein is one of the first countries in the world to work on a valid legal text for applications and services based on digital currencies or blockchain.
Trust in cryptocurrencies and blockchain applications requires regulatory certainty. This is the only way to ensure that people gain confidence in these new technologies. For this reason, the applicable due diligence and laws are central to us as a platform. That's why we deliberately chose the location of Liechtenstein to benefit early from the development of new regulations. We are always in close contact with the Liechtenstein Financial Market Authority when it comes to compliance with regulations and duties of care and are anticipating new conditions.
Financial Market Authority Liechtenstein
As an actor on the Liechtenstein financial market, we are subject to the applicable regulations and the supervision of the Liechtenstein Financial Market Authority. For this reason, we have a strict know-your-customer (KYC) Process implemented to identify our customers. This is based on the applicable due diligence as it applies to all financial service providers in the Principality of Liechtenstein. This is the only way we can reduce the risk of money laundering or similar. Reduce crime via the Cryptoz Liechtenstein platform to the minimum.
Further information on Cryptoz Liechtenstein and cryptocurrencies can be found here here.