DUBAI, United Arab Emirates, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Belfrics Group (the “Company”, or “Belfrics”) is a global blockchain technology firm that operates cryptocurrency exchanges on its proprietary blockchain platform. Belfrics is licensed and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia with presence in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, Bahrain and UAE.
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.
To date, Belfrics has spot exchange offerings with major coins as tradable digital assets. Currently, the company is offering 10 pairs of assets on most of its exchanges, with immediate plans to increase the number of assets to over 25 by the last quarter of 2021. Belfrics will also be launching a subscription model to enable users to execute unlimited trades with zero commissions.
According to Mr. Kumar, “We are one of the few global exchanges that are well regulated and do informed business with the regulatory authorities wherever we operate. With our decentralized KYC capability, I can arguably say that we are probably the only exchange at present that can comply with interoperability of compliance information between the exchanges, which will be a primary requirement of FATF (Financial Action Task Force) and the SEC (Securities Exchange Commission) as and when regulation tightens up.”
About Life Clips, Inc.
Life Clips is the parent company of Cognitive Apps Software Solutions Inc. and distributes single-use and cordless batteries under the Mobeego brand for use with cellular phones and other mobile devices. Cognitive Apps is an AI-Powered mental health analytics platform that empowers businesses to measure, understand, and improve mental well-being of their employees, patients and customers. Drug development for mental health disorders and other cognitive impairments is hampered by the inability to identify at risk groups before the onset of clinically significant symptoms, as well as continuous assessments on the progress made by the participants. Cognitive Apps is addressing this problem by pioneering a speech-based AI technology which could help accurately predict risk for various types of depression and mood and anxiety-based disorders years before a clinical diagnosis is obtained. Our technology can help detect and monitor subtle changes in mental state by assessing individuals more frequently and more objectively than the assessments used today.
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