Tokens to become legal for financial activities in Lichtenstein

Posted 07 October, 2019

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.

Previous story

07 October, 2019 14:05

← German Finance Ministry proposes to issue digital euro

Germany will issue a national cryptocurrency. Olaf Scholz called digital money a good solution for the financial center of Europe.

German Finance Ministry proposes to issue digital euro

Next story

07 October, 2019 11:25

Algorand lost part of its assets due to security breach →

Algo Capital, the investment division of the US-based blockchain startup Algorand lost around $1-2 million in Algorand (ALGO) tokens and Tether (USDT) stablecoins. The company management informed investors about lost access to a hot wallet. The remaining funds were stored in a cold wallet.

Algorand lost part of its assets due to security breach
Write a comment
 
Prove you’re not a bot + 9 = 18