The Liechtenstein’s authorities are planning to introduce new laws in order to regulate projects based on blockchain technology, according to Prime Minister Adrian Hasler’s presentation during Finance Forum in Vaduz.
The project will be ready in the summer of 2018 and will be focused on providing support to projects based on blockchain technology. It’s hoped that the business models will achieve the necessary integration according to the legislation in force.
“The planned regulations will make us one of the first nations worldwide to regulate this topic this broadly, laying the groundwork for extensive economic applications”, stated Hasler during his speech.
The Prime Minister Adrian Hasler has assured the public that the blockchain technology does not refer only to crypto platforms such as the Bitcoin or Ethereum networks but can also be used in other areas. He believes that the proposed technology can be integrated into the music and automotive industry as well, but also in securities.
He unveiled the fact that in the near future, more components and economic services will adopt blockchain technology. Thus, the support offered by the governmental authorities is considered to be a starting point and a success factor for the Liechtenstein economy.
Currently, Liechtenstein has no restrictions on the crypto coins used as the financial resource for online payments. The Financial Market Authority of Liechtenstein (FMA) has published just a few brochures about crypto assets and ICO.
Liechtenstein is a permissive place in terms of legislation. The country has become a major industrial hub in Europe and also expects to become an important player in the fintech industry in the near future.