Lichtenstein approved the law on blockchain striving to support the financial market and promote the development of new technologies at the end of last week. In particular, the government intends to boost tokenomics, which is based on crypto tokens.
The government has been working on the draft of the act for the past three years. The document has been approved and is subject to signing by the head of the country.
It was created a token container model, which unites transactions via tokens with the civil right. In particular, tokens are considered as containers that reflect rights, including real estate and security tokens as well as licenses and digital code.
As the government spokesperson stated the new law is designed to bring regulatory certainty to the market as well as trust. Moreover, it is also planned to create a regulatory guideline for service providers in line with compliance with AML policy.
Notably, this move will make this jurisdiction even more attractive to different businesses. For reference, the country hosts headquarters of numerous banks, financial companies, trusts and other players of the financial market.