LCLP Belfrics Proprietary Blockchain Platform Growshttps://www.otcmarkets.com/stock/LCLP/news/story?e&id=1967767 Founded in 2014, the Belfrics digital exchange platform was fully developed in-house with extensive KYC capabilities. The Company began with a single location in Malaysia in 2015. With tremendous effort by its founders, and by overcoming great obstacles, Belfrics Group is now successfully operating in 8 countries with 8 different verticals.
Belfrics, working together with regulators, central banks, and government agencies, developed digital currency frameworks in various regions. Instead of operating from a single offshore jurisdiction, Belfrics took the difficult route of establishing regional exchanges in all their target regions. Belfrics became the first company in the Middle East to be admitted to participate in the regulatory Sandbox operated by the central bank of Bahrain, as well as the first entity in all of Africa to be admitted to a sandbox license by the Capital Markets Authority of Kenya.
Belfrics CEO and Founder, Praveen Kumar said, “The July 2021 definitive agreement between Belfrics and Life Clips, Inc. (OTC Pink: LCLP) (“Life Clips”) is the result of relentless team efforts on both sides from across the globe. Having Life Clips as our holding entity will give enough fire power for Belfrics to move to the next level.”
EU licensing is an immediate priority for Belfrics, which has been working very closely with the Catalonian government for some time. It is expected that Belfrics will complete Spain’s license for exchange operations by January 2022. Life Clips’ acquisition of Belfrics allows for an accelerated US entry plan, expecting to start its US licensing process by the first quarter of 2022.
Belfrics has been steadily increasing its volumes, while keeping intact strict operational compliance. Mr. Kumar is of the strong opinion that every regional exchange has the potential to be a future digital bank. Consequently, Belfrics will focus on acquiring full service digital asset exchange licenses in every region that it operates.