Another milestone for the new draft Blockchain Act in Liechtenstein
In August 2018, the Government of the Principality of Liechtenstein published the draft Law on Tokens and Trustworthy Technology Service Providers ("Blockchain Act") and circulated it for consultation.
In a next step, the Government has now adopted the Report and Motion on the Blockchain Act and referred it to Parliament. Numerous international experts believe the draft Liechtenstein Blockchain Act to be the best in class worldwide, and some of the legal approaches contained therein are fascinating. In a further step, the Liechtenstein Parliament will now consider the 384-page proposal and, ideally, adopt it this year. The Blockchain Act is thus expected to enter into force in November 2019 at the earliest, if passed successfully by Parliament.
Felder Sprenger + Partner AG (FS+P) has gained concrete practical experience in recent years with various blockchain and crypto projects. Some of the projects proved to be complex, and numerous challenges were overcome successfully. The main focus was on establishing and comprehensively managing the necessary company structures. The legal aspects of the projects were closely accompanied by national and international experts.
In the future, a far greater number of assets and other rights are likely to be represented on blockchain systems, and a wide variety of services relating to these rights will be offered. Beyond this, the low cost of digital transactions should open up additional opportunities in fields such as financial services, logistics, mobility, energy, industry, and the media.
Not least because of the rapid pace of development of blockchain technology and its areas of application, FS+P continues to deal closely with blockchain and crypto developments. FS+P's goal is to take advantage of the resulting opportunities for itself and its clients in a sustainable and profitable manner.
If you have any questions or suggestions, please contact Dr. Marco Felder.