New Liechtenstein Regulations Will Be Aimed at Supporting Blockchain

Making a speech at the financial forum in Vaduz, Adrian Hasler, the Prime Minister, said that the government of Liechtenstein plans to develop new legislation aimed at regulating business models and basic blockchain systems, Cointelegraph reported.

The bill will be submitted in the summer of 2018 and will be drafted so as to provide legal and regulatory certainty for both business and users.

Hasler also predicted that most of the economic processes and financial services will be carried out using the commercial and service systems of blockchain. State support for such innovations is seen as a strategic success factor.

For the time being there are no specific requirements for trading digital currencies and their use as a method of payment. The authorities of the Liechtenstein Financial Market Authority (FMA) published only two short brochures on cryptocurrencies and ICOs.

The Principality of Liechtenstein, whose alleged schemes of tax evasion and anonymous deposits make it an ideal tax haven, has become a major financial center in Europe. It is expected that this small country will also make a significant impact on the fintech industry. The Liechtenstein credit bank Frick announced earlier this month that now it offers direct investment and cold storage for and to purchase the five most popular cryptocurrencies: BTC, BTH, LTC, XRP and ETH

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