Liechtenstein is preparing the legislative base for the blockchain

The Liechtenstein government is preparing a legislative framework for the regulation of business models based on the technology of the blockchain, said Prime Minister Adrian Hasler during a speech at a financial forum in Vaduz.

According to him, the bill will be presented in the summer of 2018 and is designed to a business model based on the blockchain could provide legal and regulatory certainty both for business and for customers.

«Thus we will be able to regulate this environment and lay the Foundation for extensive economic uses. It is not only cryptohalite, but other areas of life – estate, transportation, copyright, and securities market. Most of the economic processes and financial services will be using the blockchain. State support of innovations is seen as a strategic factor of success,» said Hasler.

Today in Liechtenstein cryptocurrency platform and the company is not licensed. The office of financial regulation and supervision of the Liechtenstein (FMA) has published only two short brochures on cryptocurrency and ICO.

The alleged scheme of tax evasion and anonymous deposits make the Principality of Liechtenstein major financial centre in Europe. It is expected that a small state will also play an important role in the Finance industry. Previously, Bank Frick has announced that it offers a direct investment into the cryptocurrency.

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