World’s First Fully Regulated Bank to Launch Security Token and Stable Coin
The tiny country Liechtenstein appears to be quickly cultivating status as one of blockchain’s hottest frontiers, with Union Bank AG announcing it will become the world’s first fully regulated bank to launch its own security token and fiat-backed stable coin. According to a press release filed August 17th, 2018, Union Bank will issue the tokens under the eye of the Financial Market Authority (FMA), Liechtenstein’s financial watchdog. Related: Binance LCX Debuts Fiat-to-Crypto Exchange in Liechtenstein Union Bank’s move comes just days after Liechtenstein Cryptoassets Exchange (LCX) and Binance, the world’s largest cryptocurrency exchanges by trade volume, raised the curtain on a crypto-to-fiat exchange backed publicly by the prime minister of the European finance hub. Union Bank seems to see itself as part of Liechtenstein’s paradigm-shift, and stated intention to become the world’s first “blockchain investment bank”. The chairman of the board, M.H. Dastmaltchi, noted: In the future, Union Bank AG
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