The Liechtenstein Parliament unanimously approves the new Blockchain Act
The Liechtenstein Parliament unanimously approved the Blockchain Act, making it the first country to have comprehensive regulation for the token economy.
The Liechtenstein Parliament has unanimously adopted the Law on Tokens and Entities Providing Services Based on Reliable Technologies (TVTG), also known as the Blockchain Law.
Pioneer in comprehensive regulation
On October 3rd, the Liechtenstein Parliament adopted the Blockchain Act, which aims to improve the investor protection, combat money-laundering and establish clearness. The new law will be applied on January 1st, 2020. The Parliament’s announcement states that this law will make Liechtenstein the first country to have complete regulation of the token economy.
The new adopted law will regulate civil law issues in relation to the protection of customers and goods. While it provides adequate supervision of various service providers in the token economy, the Prime Minister of Liechtenstein, Adrian Hasler, said:
“The TVTG implements an essential element of the government’s financial center strategy, and Liechtenstein is positioned as an innovative and legally safe place for token economy providers”.
Thomas Nägele, lawyer and co-author of the Liechtenstein Blockchain Act, was quick to share the news with his social media followers. Mauro Casellini, Nägele’s colleague and CEO of Bitcoin Suisse in Liechtenstein, highlighted the importance of the Blockchain Act:
“The positive decision without dissent of the Liechtenstein government demonstrates the importance of the “Blockchain Law”.
TVTG not only creates legal certainty for all market participants, but also heralds a new era, the token economy. With its pioneering role, Liechtenstein proves once again that it is the ideal place for FinTech and Blockchain companies , therefore , for us. its inside of what we call, the heart of Europe”.
Cryptocurrencies move to Liechtenstein
Cointelegraph previously reported that Liechtenstein’s friendly approach to blockchain has already attracted several blockchain companies. Bittrex, the cryptocurrency trading platform, recently announced its new trading platform, Bittrex Global, based in Liechtenstein. Bittrex decided to establish a trading platform in Liechtenstein due to the small country’s clearness in the digital currencies and blockchain technology regulation.