The Liechtenstein Parliament unanimously passed the Law on Tokens and Organizations Providing Services Based on Trusted Technologies (TVTG), also known as the Blockchain Law.
The new law, which aims to improve investor protection and the fight against money laundering, will enter into force on January 1, 2020. A parliamentary statement stated that the law would make Liechtenstein the first country to implement comprehensive regulation of the token economy.
The law will regulate civil law issues regarding the protection of customers and assets, as well as provide adequate oversight of various service providers in the industry. Liechtenstein Prime Minister Adrian Hasler said:
“With TVTG, an important element of the government’s financial strategy is being implemented. Liechtenstein is positioned as an innovative and legally safe place for service providers in this industry. ”
Bitcoin Suisse CEO Mauro Casellini emphasized the importance of the Blockchain Law:
“The positive and unanimous decision of the Liechtenstein government shows the importance of the Blockchain Law. TVTG not only creates legal certainty for all market participants, but also portends a new era of token economies. With its innovative role, Liechtenstein once again proves that this is an ideal place for fintech and blockchain companies, and therefore for us, in the very heart of Europe. ”
Recall that recently the Bittrex exchange announced the launch of a new trading platform in Liechtenstein. In addition, the Neufund startup has launched public offerings of token stocks on its tokenized securities platform after receiving permission from the financial regulator of Liechtenstein.
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