On Sunday, Money Trade Coin was officially launched at the Burj Al Arab in Dubai in the United Arab Emirates; the new cryptocurrency was announced by its founder, Indian businessman Amit Lakhanpal, owner of the Flintstone Group of companies based in India, in the presence of HE Sheikh Saqer Al Nahyan, around 40 VIPs and almost 100 members of the press, roughly half from neighbouring countries and the others from around the world.

Described as the world’s first cryptography currency based on latest Blockchain Technology promoting ultra-secure wallet through multi-level verification is the world’s first fully asset-backed cryptocurrency through standby letter of credit, Money Trade Coin is listed on Nova Exchange, a public cryptocurrency exchange, and plans are to also list it on C6, Coinex, Poloniex and their own private exchange.

The man behind  the initiative, Amit Lakhanpal, said that there are around 1,088 cryptocurrencies trading around the world; Money Trade Coin is the only one built on the latest blockchain technology, and is built using the highest standards of AML (anti money laundering) and KYC (know your client) guidelines. He stressed the security platform as a core pillar behind Money Trade Coin and mentioned there is a full-fledged structure supporting the trading operations with a segregated risk management department team, as well as a legal and compliance team, working out of Estonia. Money Trade Coin is certified in the UK and Estonia, and is on the verge to be licensed in Switzerland, choosing mainly countries which have already established a regulatory framework in place to support a cryptocurrency exchange.

He said that Money Trade Coin would not choose to operate in countries known to support terrorism, and explained how the risk management team flags and holds immediate suspicious transactions and is instantly informed of their nature, stressing the strength in its governance.

The Money Trade Coin Academy will uniquely have its own redemption platform, based in Estonia and registered there, offering the possibility to redeem MTCs against tangible goods.

Over the next couple of years they aim to launch in over 30 countries, believing they have the upper hand over other cryptocurrencies which do not have the flexibility nor the core strength.

Money Trade Coin aims to become the No.1 cryptocurrency world-wide "not immediately, but definitely". Money Trade Coin is aiming to be the top cryptocurrency by the innovation behind it; many cryptocurrencies market themselves as investments, while Money Trade Coin is promoted as a currency to be used across the globe.

The security technology behind it is based on a unique multi-level SEED-based wallet based on fingerprints to address any security concern related to the cryptocurrency wallet. Also, the risk management team will be alerted to high-value and non-typical transactions.

Normally email addresses and passwords are used for access to cryptocurrency accounts; in the case of Money Trade Coins, they will instead use smartphones for accessing the cryptocurrency accounts, therefore supporting new security technologies. Funds can also be held in Escrow and a dispute resolution team can be called upon if needed as there is an identity behind the coin.

A CSR programme will include an eLearning programme and a cryptocurrency eAcademy aiming to educate young generations about the benefits of using and trading digital currencies, and an online service ePortal. The CSR programme will also deploy 20% of profits to charitable organisations: 5% to the UAE government and 15% to welfare trusts covering education, health, research and development, advocacy nd others.

The large-screen demo of the MTC trading platform mobile app included when setting up a Money Trade Coin wallet, the user can select different levels of security, and can trade different cryptocurrency coins such ad BitCoin, Ethereum, Ripple, Moreno and others, with the aim of trading all 1,088 cryptocurrencies in the future.

Amit Lakhanpal added that his plans are to set up MTC Banque UK Ltd to offer the legalisation of cryptocurrencies including Jyoti and Riya accounts, providing "cold storage".

Amit Lakhanpal, as one of the pioneers in cryptocurrency and wealth management, he has published a book entitled "Inter Cryptocurrency trading for Beginners" which was distributed for the first time at the event.

For Luxembourg, what does this mean? Will someone take the initiative from a RegTech perspective, either led by the CSSF (financial regulator) or in collaboration with it? With HOL VENTURES being the first Luxembourg companies to trade in Bitcoins, and Bitstamp being the first nationally-licensed Bitcoin Exchange in Luxembourg, will they be the ones to take the initiative?

For further details, see www.moneytradecoin.com