Cryptocurrency Custodian Copper Receives License in Liechtenstein
Date: 2024-12-30 Author: Oliver Abernathy Categories: BUSINESS
Copper Technologies has received official permission to provide cryptocurrency storage services in Liechtenstein. The company's CEO Amar Kuchinad noted that the principality's attractive legal framework, as well as its tax advantages, create special conditions for crypto investors interested in collaborating with Copper.
Liechtenstein is actively developing its economy through the blockchain industry. According to the Financial Supervisory Authority (FMA), more than 4,300 companies are registered in the country, including cryptocurrency exchanges, blockchain startups, crowdfunding platforms, and distributed ledger-based payment systems.
Although the principality is not a member of the European Union, it is part of the European Economic Area (EEA). This allows for the free movement of capital and citizens between Liechtenstein and the EU. However, Liechtenstein retains the sovereign right to adapt or not to apply certain EU directives if they do not correspond to the national interest.
The regulation of cryptocurrencies in the Principality has its own peculiarities. For example, the requirements of the European Markets in Cryptoassets Act (MiCA) are only partially applied here, and Liechtenstein has the opportunity to modify them in accordance with its own economic and legal priorities.
Earlier, Liechtenstein introduced an initiative related to government payments in cryptocurrency. The payment platform xMoney, together with the authorities, announced that citizens can make payments to government agencies using Bitcoin and Ether. This underlines the Principality’s desire to integrate digital assets into everyday economic activity.
Obtaining a license in Liechtenstein strengthens Copper’s position in the market, emphasizing the company’s status as one of the leading players in the industry of custody services for digital assets.
