According to a release from the principality of Liechtenstein, a panel on the new Liechtenstein Blockchain legislation presented at the UN in New York has been well received.
Earlier this month, the Liechtenstein Parliament unanimously passed the “Token and VT Service Providers’ Act” (TVTG). The law will enter into force on 1 January 2020.
Liechtenstein claims to be the first country to “have comprehensive regulation of the token economy”
The new law regulates civil law issues in connection with customer or asset protection. Included in the law, there are measures to combat money laundering by subjecting service providers to the due diligence rules. In addition, the law creates clarity with respect to fully digital securities.
Head of government Adrian Hasler described the TVTG law as an “essential element of the financial center strategy of the government is implemented and Liechtenstein is positioned as an innovative and legally secure location for providers in the token economy.”
As for the trip to the UN, Thomas Dünser, Head of the Office for Financial Market Innovation, presented an “introduction to the basics of the token economy” where approximately 80 participants learned about the Liechtenstein approach to the regulation.
As part of the presentation, Aviya Arika from the Israeli Blockchain Association and Thomas Nägele from the Crypto Country Association Liechtenstein, talked about the opportunities of digitization of the economy and about the dimension of due diligence to combat abuse.
Liechtenstein is of the belief that the full potential of blockchain for financial inclusion and achieving the UN Sustainable Development Goals is far from exhausted.
Liechtenstein states that its offer to enter into a dialogue and exchange of experience with the United Nations and other states met with great interest and was accordingly appreciated in the discussion.
Liechtenstein said it was able to present itself as an “innovative and future-oriented financial center, while at the same time providing an important impetus for the UN to deal in depth with the opportunities offered by the token economy.”