Liechtenstein Publishes New Token And VT Service Providers Act Addresses Crypto Regulations
Liechtenstein Passes New Crypto and Blockchain Regulation
The government of Liechtenstein has just announced that a new blockchain law was passed. According to the official release made by the government, the new Token and VT Service Providers Act was passed this week. The new act was created to improve the clarity of the field as well as to improve investor protection and to combat money laundering.
Another important part of the new announcement is the guidelines for dealing with tokenized securities and systems that use digital tokens can be used in tokenization.
According to the new law, any transaction systems which are based on “trust technologies” will be regulated by the changes. The idea of using the term trust technologies instead of the blockchain is basically to prepare the law for the future, as new technologies similar to the blockchain may eventually emerge, so the law would be compatible with them as well.
The author of the law has affirmed that the tokenization of financial assets will be very relevant as it will help in the creation of several new opportunities for many different industries, not only finances. Areas like logistics, mobility, the media, and the energy industry can be affected, too.
The announcement ends by affirming that the government of the country is confident that the new regulation will help to create an adequate regulatory environment so that the risks can be countered and that people will have more regulatory clarity in the development of this new emergent token economy.
In related news, the Liechtensteinische Post AG, the official postal service of the country, has planned to serve crypto exchanges as well in their physical locations.
So far, the number of companies which use the blockchain technology has grown a lot in both this country and its neighbor Switzerland. Even with the bear market, the two locations continued to provide important crypto services for their local markets and also the world.