Lichtenstein is planning to introduce new laws to regulate Blockchain-based technology projects, according to Prime Minister Adrian Hasler’s presentation during Finance Forum in Vaduz.
It is expected the project to be ready in the summer of 2018 and it will be centered on providing support to those projects. It is hoped that the business models will achieve the necessary integration according to existing legislation.
“The planned regulations will make us one of the first nations worldwide to regulate this topic this broadly, laying the groundwork for extensive economic applications”, stated Hasler during his speech.
Adrian Hasler has assured the audience that the Blockchain technology does not refer only to crypto platforms, such as Bitcoin and Ethereum networks, but there are many others use cases, such as music and automotive industries and securities as well.
He also unveiled the fact that shortly, more economic services will adopt the Blockchain technology. As a result, providing governmental support to cryptocurrencies is considered a starting point and a success factor for the economy of Lichtenstein.
Currently, no restricts on the crypto-coin used as the financial resource for online payments exist in the country, while the Financial Market Authority of Lichtenstein (FMA) has published just a few brochures about crypto assets and ICOs.
Lichtenstein consists of a permissive place regarding legislation, and the country has become a significant European industrial hub and is going to be a major player in the FinTech industry shortly.