1. Exchange activities with regard to tokens that are neither financial instruments, nor e-money:
Trading of tokens for other tokens against the own account. Currently no license/registration requirements.
Matching of interests only with regard to tokens including the clearing and settlement (in crypto). No license/registration requirements.
Acting as a commercial broker on behalf of the buy- and/or sell-side (including clearing and settlement of orders). No license/registration requirements.
Displaying buy- and sell orders (crypto-crypto; and potentially matching); settlement conducted directly by users. Currently no license/registration requirements.
Trading of tokens against fiat (and vice versa) against the own account. No license requirement but FMA needs to be notified of the commencement of business activities. Required to be fully compliant with Due Diligence Act.
Matching of interests with regard to crypto:fiat. The matching of interests is not subject to any regulation, however the clearing and settlement in fiat will require some sort of payment service license or could be deemed a banking activity if deposits are accepted (deposit business).
Acting as a commercial broker on behalf of the buy- and/or sell-side (including clearing and settlement of orders). Still possible without a license under the commercial broker/agent exemption under the Payment Service Directive I (PSD I). Under PSD II (already in force in the EU; supposedly entering into force in Liechtenstein on October 01, 2019) it will no longer be possible to act on behalf of both parties (buy- and sellside) and make use of this exemption. Therefore, a license as a Payment Service Provider will be required.
Displaying buy- and sell orders (crypto-fiat; and potentially matching); settlement conducted directly by users. Currently no license/registration requirements.
2. Exchange activities with regard to tokens that are financial instruments:
Investment Firm license required when trading financial instruments against the own account or on behalf of the client. Need to be fully compliant with financial market regulations (CRD IV, MiFID II, MiFIR, EMIR, etc.)
Investment Firm license required when matching of interests with regard to financial instruments. Multilateral or Organized Trading Facility (MTF/OTF) required on top of the investment firm. Need to be fully compliant with financial market regulations (CRD IV, MiFID II, MiFIR, EMIR, etc.)
3. Exchange activities with regard to tokens that are e-money:
Trading of E-money against fiat against one’s own account is possible. This will be deemed an activity reserved to an exchange office. Therefore, registration with the FMA is necessary and due diligence duties apply.
The matching of interests with regard to E-money is not possible pursuant to EFTA-Court Decision. This is due to the fact that E-money must be redeemed at par value at all times.
Acting as a commercial broker on behalf of the buy- and/or sell-side (including clearing and settlement of orders).A license as Payment Service Provider is required.
