The Liechtenstein Parliament has unanimously passed the law on tokens and organizations providing services based on trusted technologies (TVTG), also known as the blockchain law.
The new law, which aims to improve investor protection and combat money laundering, will come into force on January 1, 2020. A statement from the Parliament claims that the law will make Liechtenstein the first country to implement comprehensive regulation of the token economy.
The law will regulate civil law issues regarding the protection of clients and assets, as well as ensure proper oversight of various service providers in the industry. Prime Minister of Liechtenstein Adrian Hasler said:
“TVTG implements an important element of the government’s financial strategy. Liechtenstein is positioned as an innovative and legally safe place for service providers in this industry.”
Bitcoin Suisse CEO Mauro Casellini stressed the importance of the blockchain law:
“The positive and unanimous decision of the Liechtenstein government shows the importance of the blockchain law. TVTG not only creates legal certainty for all market participants, but also heralds a new era of the token economy. With its innovative role, Liechtenstein once again proves that it is an ideal place for FINTECH and blockchain companies, and therefore for us, in the heart of Europe.”
Bittrex recently announced the launch of a new trading platform in Liechtenstein. In addition, the startup Neufund has launched public offerings of token shares on its tokenized securities platform after receiving permission from the Liechtenstein financial regulator.