Adrian Hasler, Prime Minister of Liechtenstein, emphasized during his speech at the Finance Forum, 21st of March, in Vaduz, that "Finance 2.0" is already daily business in Liechtenstein.
To support and to keep up with the recent developments and to provide legal certainty the Prime Minister announced that the government is already working on a new law about the Blockchain-technology. Draft for public consultation expected due this summer.
Adrian Hasler stated that,
"Liechtenstein is today, and this can be justifiably stated, one of the most attractive locations for innovative business models,"…..
This is especially obvious regarding Fintech. Contrary to what was expected just a few years ago, new developments and the digitalization are not accompanied by the demise of classical financial systems. The path rather leads into direction Cooperation and Symbiosis. In future Fin-Tech will no longer be an indispensable part of the financial market.
But Fintech would stop develop itself further without legal certainty and without the quality level of the established financial market.
The state could show its support to the actual technical development and its commitment through openness towards new technology and a serious interaction with it. Already ongoing Initiatives, such as the Innovationsclub and the Regulatory Lab have been fostering and collaborating with over 100 new enterprises in 2017.
But the Prime Minister is also aware that the country needs to create and provide further respective framework and conditions.
Focus, therefore, lies on the Blockchain Technology, which has a direct impact on the Finance Industry, as well to other Industries.
Therefore, Hasler announced to the participants of the Finance Forum that the Ministry for General Government Affairs and Finance is at the moment elaborating a law regarding Blockchain Systems, for public consultation expected due this Summer.
The law will -of the one part- integrate the current existing business models in Liechtenstein into a framework to provide legal certainty for the companies and their customers.
On the other part, the Blockchain Technology provides – apart from its usage for Cryptocurrencies such as Bitcoin – many more and interesting options.
The Prime Minister is convinced of the possibilities of the Blockchain Technology e.g. to trade “real world assets such as real estate, cars and securities in future”.
Existing regulation covers partly but not every aspect. As valuable assets are to be especially protected, legal certainty for blockchain-based digital trading systems is needed.
The Prime Minister emphasized that - with the new Blockchain Law - Liechtenstein will be one of the first countries to cover this topic in full legal depth.
The new law differs itself considerably from existing legislation of other jurisdictions. It is not just restricted to the topics Cryptocurrencies and payment transactions, but also provides a large legal basis for a vast application of blockchain related business activity.
If it is expected of Entrepreneurs to be innovative and adapting to change, Entrepreneurs may expect the same of the country, the Prime Minister noted.
NÄGELE Attorneys at LAW LLC is delighted of the Prime Ministers public statement and Liechtenstein’s commitment to the Blockchain Technology.
We feel assured in our opinion expressed to our clients in our legal advice throughout the past years, that Liechtenstein is an attractive choice for Fintech- and Blockchain related business.
We are pleased of the new developments to come on which we’ll keep a close eye on and keep You constantly updated;
We’re especially looking forward once the draft of the new law will be published for public consultation to analyse and comment it backed with our practical experience in the field.
Sources:
http://www.volksblatt.li/Nachricht.aspx?src=vb&id=189560
http://www.regierung.li/media/medienarchiv/Interview_636576456631705681.pdf?t=636576602602442709
