We understand IT & Law

Our law firm specializes in Technology & Internet Law in Liechtenstein and internationally. We advise companies operating in the technology sector and private individuals who require legal advice about telecommunications and apps, cloud services, mobile telephony, online shopping, Internet sales and Voice over IP (VoIP). 

Our outstanding technical expertise allows us to quickly apprehend and legally process complex technical subject matter. Entrepreneurs value our solution-oriented approach.

Our Managing Partner Thomas Nägele published his Master Thesis «Secondary Market for Security Tokens — The need for a new regulatory approach at the European Union level».

The secondary market for security tokens is now in the process of forming. In addition to questions related to securities law, regulatory law plays a major role as well. Under civil law, the claims and membership rights that are relevant for the capital market may be issued and transferred in the form of uncertified rights maintained on Trustworthy technologies (TT, e.g. DLT and Blockchain) systems — i.e. in the form of tokens. From a regulatory perspective, questions — some of them new — arise during trading, clearing and settlement as a result of the use of TT systems. It is becoming clear that authorisation to operate an MTF or OTF is relevant for the multilateral trading of security tokens. However, the obligation to book new securities issues from 2023 and all securities from 2025 in a book-entry account with a central securities depository as well as the clearing obligation for derivatives must be observed. There are questions as to whether these obligations are necessary with respect to TT systems and, taking account of the ratio legis, whether they are reasonable. A new technology appears to make the otherwise necessary trust in intermediaries obsolete and thus to make the secondary market for financial instruments much more efficient, more transparent and therefore more secure.

Find the full Master Thesis of Thomas Nägele here


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Im Liechtensteinischen Landtag wird derzeit intensiv an einer Änderung des Bürgerrechtsgesetzes (BüG) gearbeitet. Anstoss für die geplante Reform war eine parlamentarische Motion, welche den Erwerb einer doppelten Staatsbürgerschaft bei Einbürgerungen ermöglichen soll. 16 der 25 Landtagsabgeordneten sprachen sich für die Umsetzung der Motion aus. Zur Debatte standen unterschiedliche Lösungsansätze, die Regierung hat nun dem Landtag einen Gesetzesentwurf vorgelegt.

[English Below]

Oberstes Organ, Verwaltung und Revisionsstelle – mit 01.03.2020 wurde die Verpflichtung zur Bestellung dieser Organ-Trias von Verbandspersonen aufgelockert. Hier finden Sie eine Übersicht über die neu geschaffene Möglichkeit auf die prüferische Durchsicht und daher auf die Bestellung einer Revisionsstelle zu verzichten.

Wer kann die Möglichkeit für den Verzicht auf die prüferische Durchsicht in Anspruch nehmen?

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