Answer ... Broadly speaking, the following acts and corresponding ordinances may apply:
- the Banking Act;
- the Asset Management Act;
- the Payment Services Act;
- the Electronic Money Act;
- the European Economic Area (EEA) Securities Prospectus Implementation Act;
- the Investment Undertakings Act;
- the Act regarding the Managers of Alternative Investment Funds;
- the Act on Undertakings for Collective Investment in Transferable Securities;
- the Insurance Distribution Act;
- the Law on Professional Due Diligence to Combat Money Laundering, Organised Crime and Terrorist Financing;
- the Persons and Companies Act;
- the Act on the Disclosure of Information concerning Issuers of Securities;
- the Gambling Act;
- the Consumer Protection Act;
- the Remote Financial Services Act;
- the Distance and Foreign Trade Act;
- the Financial Market Authority Act; and
- the Act on the Register of Beneficial Owners of Domestic Entities.
Additionally, European regulations and directives which have been implemented into Liechtenstein law must be applied in conformity with EU law. Not all of these European regulations and directives have been implemented into the EEA acquis communautaire through an EEA joint committee decision; however, Liechtenstein usually implements these regulations and directives into national law in advance.
Answer ... The Tokens and Trusted Technologies Service Provider Law (TTTL), which unanimously passed through its second reading in Parliament and is expected to come into force the first of January 2020, is specifically tailored to promote regulatory certainty within a token economy. This particular law aims to provide friendly regulations for blockchain and crypto projects, designed to give entrepreneurs legal certainty and enhance consumer confidence in these technologies. The TTTL is a Liechtenstein law, which is applicable only if no other financial market law applies; the TTTL does not interfere with EU law.
Answer ... The most relevant government body when it comes to fintech is the Financial Market Authority (FMA), as this is the official body that is authorised to grant financial market licences upon application, if all regulatory requirements are met. Additionally, under the so-called ‘Regulatory Lab’, it is possible to obtain a ruling from the FMA stating whether a specific business model or token structure is regulated. The FMA has regulatory oversight powers, as well as the power to issue and revoke licences and to impose sanctions. Other than that, the Liechtenstein courts have jurisdiction.
Answer ... In general, the regulator’s attitude towards fintech is comparatively friendly. In fact, the FMA has an entire department that is wholly dedicated to fintech-related inquires. This allows innovators and entrepreneurs to obtain feedback in a timely manner from a regulator that is well informed on the issues.
Answer ... The Crypto Country Association of Liechtenstein focuses on supporting the blockchain and cryptocurrency sector within the country.