With the amendment of the Due Diligence Act (Liechtenstein Law Gazette LGBl. 2017/161), entered into force on September 1, 2017, the term “virtual currency” has found its way into Liechtenstein legislation for the first time. In Art. 2, para. 1, subpara. I, virtual currencies are legally defined as “digital monetary units that can be traded for legal tenders, used for the procurement of goods or services or as store of value, and thus assume the function of legal tenders.
By virtual currencies in the sense of the present provisions, digital monetary units are meant, which may not officially be qualified as legal tenders, but which can be traded for legal tenders, used for the procurement of goods or services or as store of value, and thus assume the function of legal tenders. The best-known example of such a virtual currency are Bitcoins, which exist since 2009.
Not included in the present term of virtual currencies are centrally issued digital monetary units that are not suited for the trade for legal tenders (e.g. World of Warcraft Gold). Furthermore, only those virtual currencies are included in the definition of the term, which assume the function of legal tenders. Thus, virtual currencies that are limited in redeeming or restricted in the procurement of goods or services drop out. This concerns for example bonus programs, as the obtained digital monetary units can only be exchanged for goods or services at the issuing office.
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