Small but mighty: The constitutional monarchy of Liechtenstein would like to be in the crypto world. After Prime Minister Adrian Hasler has announced in March a progressive regulation, wants to Blockchain, the government-company support with a Blockchain-law and special-efficiency.
Liechtenstein, with its 37,000 inhabitants is the sixth-smallest country in the world, but especially for the wealthy businessman as a tax haven. Now the constitutional monarchy to play a leading role in the Fintech development.
A pioneer in the regulation
Already in March of this year, Liechtenstein Blockchain had invited the company to bring the innovative technology into the country. So far, there are in the place between Austria and Switzerland, although only five registered ICOs. But the pursuit of new innovations is enormous. So Prince Michael of Liechtenstein, said in an Interview with BTC-ECHO that Liechtenstein wants to take over a Blockchain-law a pioneering role. On a possible EU regulation, the country must take no account, since it is not an EU member. So Adrian Hasler, Prime Minister of Liechtenstein explained, the Blockchain-law:
“The Blockchain-the law of Liechtenstein goes far beyond the Blockchain legislation of other countries. The Blockchain-the law is intended to regulate all activities on technical systems such as the Distributed Ledger and block Chain systems and thus provide security of law.“
The aim of the act is to eliminate currency risks existing in the area of Crypto, without, however, unduly limiting restrictions to impose. So you want to create a reliable framework for the digital economy and digital assets.
The government is informed on a dedicated Website via the “Blockchain Act”:
“The Blockchain Act should provide the basis to ensure that all possible assets are converted to values (i.e., movable things, real estate, bonds, securities, etc.) in the Token, digitized and on a crypto stock exchange listed. This is intended to facilitate the exchange and storage of property and the actual value of a property.“
The law is to be supplemented by the existing KYC and AML requirements in accordance with Liechtenstein law. In addition, the far-reaching regulation of the conventional financial market will play a role.
A crypto stock exchange for Liechtenstein
Also a crypto stock exchange is in the planning stage:
“With the support of the Liechtenstein Bank Frick and the Liechtenstein lawyers Dr. Matthias low-Mueller the first crypto exchange for trading professional Trader by the name of LCX, Liechtenstein crypto asset Exchange is launched, one of the founders of Monty Metzger, and Max Wang. The exchange provides a regulated, and of the FMA, the licensed stock exchange for crypto assets and Security Token, which is focused on professional traders, the requirements of the Liechtenstein Blockchain Act and the supplementary Liechtenstein KYC – and AML-comply with applicable laws.“
The adoption of the Blockchain-law can be expected for the autumn of 2018. At the beginning of 2019, it is expected to enter into force.