The Liechtenstein Parliament unanimously adopted the “Blockchain Act” – the Law on regulation of the cryptocurrency market. Earlier, the Liechtenstein Post engaged in the exchange of cryptocurrencies.
The Principality of Liechtenstein is located on the border of Austria and Switzerland, and has an area of only 160 square kilometers (62 square miles). But the proximity to the “Country of Bankers”, Switzerland, obviously, allows Liechtenstein to make bold decisions in finance. The law comes into force on January 1, 2020. Its full title is Tokens and Trustworthy Technology Service Providers Act or Token and TT Service Provider Act – TVTG. It is needed for all market participants to fulfill standard AML / FT (anti-money laundering and terrorist financing regulations). But the main thing – now crypto is legal in Liechtenstein.
Liechtenstein is not a member of the European Union, but is a member of the European Economic Area (EEA) and the Schengen Agreement on Simplified Passport and Visa Control.
– With the TVTG, an essential element of the government’s financial market strategy will be implemented and Liechtenstein will be positioned as an innovative and legally secure location for providers in the token economy, – said Liechtenstein’s Prime Minister Adrian Hasler.
Experts from the cryptocurrency business have ardently supported the decision of the legislators of the Principality. The mini-state is becoming a springboard for fintech and blockchain companies in the heart of Europe. The offensive of crypto highly likely will expand to the West, to Switzerland.