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07/10/19 06:41 UTC-4

The law will regulate blockchain in Liechtenstein

CryptocurrencyLiechtenstein starts to regulate blockchain by law
Liechtenstein starts to regulate blockchain by law

The State of Liechtenstein unanimously approved the Law on Tokens and Trusted Technology-based Services Providers (TVTG), the BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
Law. Parliament has announced that the law will make Liechtenstein the first country in the world to regulate cryptocurrency transactions.

A new law to regulate cryptocurrencies

The new law will take effect from January 1, 2020. Its main provisions are aimed at the realization of ownership, disposal, and use of cryptocurrency, regulation of relations between investors and traders, as well as protection of clients and assets. It also provides measures to combat money laundering and introduces sections that explain how to create and use digital securities.

The Prime Minister of Liechtenstein, Adrian Hasler, has stated:

“With TVTG, an important element of the government’s financial strategy is being implemented. Liechtenstein is positioned as an innovative and legally secure place for service providers in the industry.”

Mauro Casellini, CEO of major Swiss crypto provider Bitcoin Suisse, noted the importance of the Tokens Law:

“The positive and unanimous decision 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 of tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
economics. With its innovative role, Liechtenstein once again proves to be an ideal place for fintech and blockchain companies – and, therefore, for us – in the heart of Europe.”

  • Although cryptocurrencies have become an innovative novelty of the modern financial sector, not all countries accept them. There is a list of countries where ownership of cryptocurrency assets is prohibited and criminally punished.

  • Due to the fact that Liechtenstein is not a member of the European Union, but only of the European Economic Area, the companies can escape some of the restrictions imposed by the EU and operate peacefully around the world. This is one of the main reasons for banks to consult and make ICOICO
    (Initial Coin Offerings) is an acronym, which means a primary currency offer. Details
    investments on behalf of the clients. Low tax rates are the key to creating a large number of private financial enterprises. According to the latest statistics, there are more registered companies than there are citizens in Liechtenstein.

See also: "German Finance Minister Olaf Scholz champions the digital euro"

#Liechtenstein #blockchain #cryptocurrency #technology #regulation #tokens #investments

Editor: Alyona Deryabina
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