We have been dealing with cryptocurrencies since 2011

Thomas Nägele has been involved with Bitcoin and Blockchain technology since 2011 and has also been providing related legal advice since the founding of our law firm in 2015.

"Blockchain technology" opens up many new possibilities for Liechtenstein legal users and entails enormous potential. However, the broad scope of application also beyond cryptocurrencies also represents a challenge for the Liechtenstein legal system.

The "blockchain technology" at a glance:

Behind the term "blockchain" is a specific technology of data storage and encryption, which essentially has a database structure. It is a continuously expandable list of data records, so-called "blocks", which are linked to each other by means of cryptographic procedures. Each block typically contains a cryptographically secure hash (also scatter value) of the preceding block, a timestamp, and transaction data. All the information from previous blocks is thus anchored in each data record in a specifically processed form. This serves as protection against manipulation and enables the detection and tracing of data manipulation. The blockchain itself is stored in a decentralized manner using so-called distributed ledger technology (DLT).

A distributed ledger is a data storage system that stores information (mainly about transactions) in a decentralized manner in a network of different participants and can basically only be influenced by the majority of the participants. In this "blockchain system", each computer integrated into the network is peripheral and equal. This is referred to as a "peer to peer network." Thus, there is no central computing unit that holds all the data of the participants. A decentralized ledger conveys stability, as a failure of one computer does not affect the functionality of the system.

Blockchain technology forms the basis of the existence of cryptocurrencies as well as many other applications that can be executed on the blockchain.

The wide scope of application of "blockchain technology" brings with it just as many resulting legal issues. In addition to further implications of token-based business models on the capital market or in the area of financial intermediaries, countless legal questions will arise in the future, for example in the areas of data protection, intellectual property law, tax law, criminal law and many other legal matters, and will have to be answered by legislation.

The "Blockchain Law" (TVTG) created by the Liechtenstein government creates legal certainty and clarifies essential legal questions in connection with blockchain technology. Thomas Nägele was involved in the drafting of this law.

We are happy to advise you on all legal issues related to blockchain technology. We may count ourselves among the leading law firms in this field in Liechtenstein.

Abänderung des TVTG im Rahmen des Insolvenzrechts / Amendment of the TVTG in the context of the Insolvency Law

The Liechtenstein Insolvency Law was modified and has also an impact on the TVTG. Therewith, companies in the fintech sector find themselves in an attractive environment, as the TVTG provides the necessary legal certainty, while the insolvency law provides various restructuring options in the event of a crisis situation.

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MiCa — Markets in Crypto-assets Regulation and the DLT Pilot Regime — What impact might these proposed EU regulations have on Liechtenstein and the TVTG (aka Blockchain Act)?

Our Managing Partner Thomas Nägele just published a Article  about „MiCa - Markets in Crypto-assets Regulation and the DLT Pilot RegimeWhat impact might these proposed EU regulations have on Liechtenstein and the TVTG (aka Blockchain Act)?“.

The European Commission issued a draft for a Regulation on Markets in crypto-assets (“MiCa”). It was time to analyse this draft and compare it to the Liechtenstein Tokens and TT Service Providers Law (aka Liechtenstein Blockchain Act) to identify risks and opportunities for Service Providers operating out of Liechtenstein.

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Gründung einer Körperschaft mit Kryptowährungen

Incorporation of a company with crypto currencies

[English below]

Für die Gründung einer Körperschaft in Liechtenstein muss das Gründungskapital entweder auf ein Gründungssperrkonto bei einer Bank in der EU/EWR/Schweiz eingezahlt werden oder durch eine Sacheinlage erbracht werden.

In Liechtenstein kann die Einzahlung (Liberierung) des Gründungskapitals auch mittels Kryptowährung erfolgen.

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