Liechtenstein approves Blockchain Act, first country to have comprehensive token economy regulations

By CryptoTapas.com | Bitcoinz News | 6 Oct 2019


Google translated (not written) news reads:

The Liechtenstein Parliament unanimously passed the Token and VT Service Providers Act (TVTG) on 3 October 2019. This will allow the law to enter into force on 1 January 2020.

With the new law, Liechtenstein is the first country to have comprehensive regulation of the token economy. On the one hand, the law regulates the civil law issues in connection with customer or asset protection. On the other hand, adequate supervision of the various service providers in the token economy is introduced. In addition, there are measures to combat money laundering by subjecting service providers to the due diligence rules. In addition, the law creates clarity with respect to fully digital securities.

"With the TVTG an essential element of the financial center strategy of the government is implemented and Liechtenstein is positioned as an innovative and legally secure location for providers in the token economy", said head of government Adrian Hasler.

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