Registration under Blockchain Act begins
The Liechtenstein Blockchain Act came into force at the beginning of the year. The Liechtenstein Financial Market Authority is responsible for registering and monitoring providers offering corresponding services. The registration process has now commenced.
Liechtenstein’s Token and Trustworthy Technology Service Providers Act (TVTG) came into force on January 1. More commonly referred to as the Blockchain Act, it regulates the requirements for the provision of services based on trustworthy technology systems, including blockchain.
The Liechtenstein Financial Market Authority (FMA) is responsible for registering and supervising these providers. It announced that the relevant application forms and guidelines are now available on its website. Providers already offering such services must report them to the FMA.
The Blockchain Act is designed to create greater legal certainty for providers and customers while at the same time improve customer protection. It is also meant to help combat money laundering by making service providers subject to due diligence rules.