Liechtenstein approves blockchain act

Legislators in Liechtenstein have approved the ‘Token and Trustworthy Technology Service Providers Act’ (TVTG), often referred as a blockchain act. The act was put in motion back in May 2019, and with the approval of the parliament it will enter into force in January 2020. The TVTG will round the regulation around digital assets in Liechtenstein. It will provide legal clarity in consume and asset protection. It will also comply with the existing Financial Action Task Force (FATF) and anti money-laundry and counter-terrorist financing (AML/CFT) regulations. ‘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,’ the Prime Minister’s office said in a press release.