The Blockchain Act regulates all activities enabled by blockchains and distributed ledgers, providing legal certainty for users, startups, and businesses.
On 03.10.2019, the Liechtenstein Parliament passed the Token and TT Service Provider Act (TVTG), which means that the law can enter into force on January 1, 2020.
With the TVTG in place,
Liechtenstein becomes the first country to have a comprehensive regulation of the token economy.
On the one hand, the law regulates civil law issues in relation to client and asset protection. On the other hand, it establishes adequate supervision of the various service providers in the token economy. In addition, there are measures to combat money laundering by making service providers subject to AML/CFT rules. Finally, the law provides clarity with regard to digital securities, enabling
With the TVTG, an essential element of the government’s financial market strategy will be implemented and Liechtenstein will be positioned as an innovative and legally secure location for providers in the token economy. [Adrian Hasler, Liechtenstein’s Prime Minister]
Key Elements of the Blockchain Act
The Blockchain Act regulates the token economy by providing legal basis for:
- Security Token Offerings (STO’s), Initial Coin Offerings (ICO’s), Token Sales and Token Generation Events (TGE’s).
- Security tokens: the tokenization (digitalization) of any possible asset (movables and immovable, rights, securities etc.).
- Ownerships of digital assets (i.e.tokens).
- Transfer of ownership of digital assets.
- Safe storage of digital assets.
- Legal requirements for storage of digital assets.
- Several levels of licensing for business providers in the Token Economy
Unleashing the æternity Ecosystem
Liechtenstein’s Blockchain Act will have a positive effect on the æternity ecosystem by providing access to a scarce resource in the blockchain space — regulatory certainty.
Liechtenstein has been one of the first blockchain and crypto-friendly jurisdictions that have provided clear guidance to all projects that are based in the country. The Blockchain Act brings a new level of legal certainty — after January 1, 2020, æternity-based startups will have a comprehensive legal framework to launch their STOs, ICOs, or to tokenize various types of assets like digital art and property.
Celebrating the approval of the Blockchain Act, æternity blockchain invites interested startups to apply in the Starfleet acceleration program, which will commence on November 4th, 2019, in Malta. The deadline for applications is October 20, 2019.
Click and apply below:
Being certain about the legal standing of your startup is an important advantage in the blockchain space. Don’t miss the opportunity to take your project to the next level by becoming part of the æternity ecosystem.
If you have any questions regarding Liechtenstein’s Blockchain Act and how it could be beneficial to your decentralized project, join the discussion in the Forum:
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