The Government of Lichtenstein decided to develop a “reasonable” and adequate regulatory framework for regulating the scope of the blockchain and cryptocurrencies. Although other states do not cease to develop their own laws in this area, the Prime Minister of Liechtenstein Adrian Hasler argues that their regulatory act “will go much further” than anything that was issued before.
“This law is designed to regulate all the activities occurring in technical systems, such as distributed registries and blockchain systems, and hence the provision of legal certainty,” Hasler said in a conversation with CoinDesk. “But the law includes much more than just issuing crypto and utility-tokens. The law is intended to provide a legal basis for a wide range of new services and business models related to these technologies.”
According to Hasler, the “Blockchain Law” will provide a well-thought-out and at the same time unencumbered legal basis for this sector.
“There is no point in creating requirements that are excessive or divorced from life, because the economy of the blockchain will simply evolve beyond the scope of this regulation. Of course, this is not in the interests of our state. Accordingly, we want to present a sound regulatory approach, prescribed in the law, in which the state will ask certainty,” he explained, adding that Liechtenstein had already familiarized with the practices of other countries of the world and started consultations with fintech startups and lawyers to his law was “the most relevant in practice.”
It is expected that the document will be presented to the general public this summer.
Earlier, Crown Prince Alois Philipp Maria reported that the royal family is considering the option of investing part of its fortune in the cryptocurrencies, and also believes that the blockchain can improve the efficiency of the government.