Who is affected?
The TVTG creates fundamental legal certainty for all companies and individuals who own tokens. All persons domiciled or resident in Liechtenstein who provide business services on the basis of TT systems (transaction systems based on trusted technologies) are regulated.
The TVTG is formulated in a technology-neutral manner and therefore does not regulate the technology, but the service providers. It regulates which prerequisites/requirements the individual service providers have to meet. The service providers have to fulfil certain obligations depending on their roles. The individual roles are:
Persons who offer tokens in their own name or on behalf of third parties. One possible application is for platforms that carry out Initial Coin Offerings (ICOs) for their customers.
Persons who initially generate tokens by programming. It is crucial that they carry out their activity professionally and generate the token as a service on a TT system.
Service providers that hold the tokens or private keys for their customers. The depositories can also carry out transactions on behalf of customers.
|A customer's token is stored in a collection wallet along with other customers' tokens.
|A TT identifier is directly assigned to a customer
|The customer has access to TT keys
|The customer can directly trigger transactions
|The service provider can trigger transactions
Service providers who hold tokens in their own name on account for third parties or carry out transactions for customers on a TT system (e.g. blockchain). Unlike the depositary role, they act as token owner towards the other contractors. They must have a licence in accordance with the Trustee Act.
Tokens can represent rights (e.g. ownership or usage rights) in physical items. For example, if a paintig is tokenised and the sale is made by transferring the token, the physical validator ensures that the digital transfer is followed by the actual handover of the painting. The physical validator thus ensures the enforcement of the rights specified in the contract.
Service providers that exchange money (legal tender) for tokens and vice versa, as well as tokens for tokens. This for example includes physical exchange machines, at which cryptocurrencies can be exchanged, but also platforms that offer the exchange exclusively on-line.
Service providers who check the business viability and the prerequisites for the disposal of a token. This includes, for example, services that ensure that only adult persons or those with a specific approval can purchase certain tokens.
Persons who aggregate or self-calculate and publish token pricing.
Persons who professionally identify the person with the right of disposal of a token and include them in a directory. This service is also, for example, essential for the integration of machines (Internet of Things). In this way, users who are carrying out transactions with machines are able to check beforehand who these machines are assigned to. However, it can also be used to document ownership via tokens, e.g. in the event of inheritance or in the event of theft or loss of the TT key.