Liechtenstein to adopt light cryptocurrency regulations, as Prime Minister Adrian Hasler stated that Liechtenstein planned legislation "goes much further than the blockchain legislation of other countries."
4 April, AtoZForex – The Blockchain innovation is currently fueling economic transformation across the globe, and it appears that Liechtenstein does not want to miss this opportunity. According to the nation’s prime minister, the government of Liechtenstein plans to lay out “sensible” and comprehensive Blockchain regulations.
Liechtenstein To Adopt Light Cryptocurrency Regulations
The planned Blockchain legislation rules will aim to create a legal environment that is open for innovation and light on regulation.
Some other nations have already introduced Blockchain and cryptocurrency market addressing regulations. In the meantime, Prime Minister Adrian Hasler stated that Liechtenstein planned legislation "goes much further than the blockchain legislation of other countries."
He has been quoted as saying:
"The law is intended to regulate all activities that are possible on technical systems such as distributed ledgers and blockchain systems, and thus provide legal certainty. But the law covers much more than merely the issuing of cryptocurrencies and utility tokens. The law is intended to provide the necessary legal framework for a wide range of new services and business models relating to these technologies."
Liechtenstein's Blockchain Act
Mr. Hasler has further stated that the bill, which is named “The Blockchain Act,” will present an appropriate and light-handed regulatory framework. He has explained:
"There is no point in creating regulations that are excessive and lacking in practical relevance, because then the blockchain economy will simply develop outside the regulations. That surely would not be in the interest of any country. Therefore we want to propose a sensible regulatory approach by means of this law, where the role of the state in creating legal certainty and confidence comes into effect where it is needed."
The bill will be mostly developed by Liechtenstein's Financial Market Supervisory Authority. The organization has already addressed more than 100 Blockchain and cryptocurrency related issues.
Prime Minister has also noted that the government has looked into the legislation of other countries in order to come up with its own. The officials are also consulting with a number of fintech companies and lawyers. He believes that the bill will be ready to be put into effect already this summer.
Think we missed something? Let us know in the comments section below.