Life Clips Subsidiary Belfrics Group Enters EU; Receives Exchange Operational License in Poland

Rhea-AI Summary

Life Clips, Inc. (LCLP) announced that its subsidiary, Belfrics Group, has secured an exchange operational license in Poland, marking its entry into the European Union. This license facilitates various services including currency exchange, virtual payments, and brokerage. The move follows Poland's legislation that regulates cryptocurrency trading, necessitating registration for crypto firms. Belfrics is also working on launching its Polish website and pursuing licenses in other countries.

Positive

• Belfrics Group obtained its first EU exchange operational license in Poland.
• This license enables Belfrics Poland to offer multiple financial services, enhancing growth potential.

Negative

• None.

AVENTURA, Fla., April 22, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced its Belfrics Group subsidiary has received its exchange operational license in Poland. This exchange operational license granted to Belfrics Poland is Belfrics first license in the European Union (EU) and marks Belfrics’ entry into Europe.

Belfrics Poland’s license will encompass the following types of services; exchange between currencies, virtual and media payment, and virtual brokerage in exchange. On November 1, 2021, Poland enacted legislation clarifying the status of cryptocurrencies and cryptocurrency trading. Mining, sales, and purchase of crypto instruments became a regulated field of business in Poland and requires mandatory registration of cryptocurrency companies with the Polish Cryptocurrency business Register (Rejestr walut wirtualnych). Belfrics Poland can be found on the Polish Cryptocurrency business Register at the following link. https://www.slaskie.kas.gov.pl/c/document_library/get_file?uuid=73ffde9b-0123-4594-8a94-a4d458218386&groupId=3559133

Belfrics is in the process of preparing its website for Belfrics Poland in Polish. The Company is also in the licensing process for other countries.

About Us

Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial ServTices Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the space of mental health with its speech-based, AI-powered mental health analytics platform that empowers businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Aiki delivers CBT and IPT therapies using a chatbot which and includes the voice analysis solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by individuals and companies to raise awareness of employees’ mental health. Cognitive Apps is developed by a team of licensed psychotherapists that makes use of vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Aiki is available on Apple‘s App Store.

For more information on Life Clips visit www.lifeclips.com
For more information on Belfrics Global visit www.belfricsgroup.com
For more information on Cognitive Apps Software Solutions visit https://cogapps.com

Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the government and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.

For Media and Investor Relations, please contact:

David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
https://www.linkedin.com/in/davidkugelman/

FAQ

What is the significance of Life Clips' license in Poland?

The license allows Belfrics Group to provide regulated cryptocurrency services in Poland, marking its entry into the EU market.

What services will Belfrics Poland offer with the new license?

Belfrics Poland will offer currency exchange, virtual payments, and brokerage services as part of its operations.

When was the exchange operational license granted to Belfrics Poland?

The exchange operational license was announced on April 22, 2022.

How does Poland's legislation impact cryptocurrency trading?

Poland's legislation requires cryptocurrency companies to register, thus providing a regulated framework for trading in the country.

Which companies are subsidiaries of Life Clips?

Life Clips owns Belfrics Global and Cognitive Apps Software Solutions, among other entities.