Liechtenstein, one of the smallest but wealthiest nations in Europe, has made another vital step towards achieving a more clarified crypto regulatory environment. On October 3, the parliament has passed the Act on Tokens and Entities Providing Services Based on Trusted Technologies, or commonly referred to as the Blockchain Act. According to a German media account, the votes within the government were unanimous.
According to the parliament, the Blockchain Act seeks to establish regulatory clarity, enhance investor protection, and counter illicit financial activities such as money laundering. The new law, which would be implemented on January 1, 2020, would mark Liechtenstein as the first-ever nation in history to have established a comprehensive regulation of the crypto economy.
The Prime Minister of Liechtenstein, Adrian Hasler, said that the Blockchain Act would govern civil law issues that involve clients and asset protection, as well as a variety of crypto service providers. He added that the government considers the new law as one of the foundations of its financial strategy and that it would ultimately cement the reputation of Liechtenstein as one of the nations with a firm and legally secured environment for crypto providers.
The announcement was quick to gain positive opinions from industry experts and players. CEO Mauro Casellini of Liechtenstein-based Bitcoin Suisse, notes that the unanimous decision of the parliament signifies the prominence of the Blockchain Act. He added that it does not only provide market players with legal certainly, but it also opens a new era for the crypto economy. The CEO also praised the development, further noting that Liechtenstein had once again proven why it is one of the most exceptional locations for Blockchain and FinTech companies in Europe.
Positive results of the holistic crypto approach
Many Blockchain companies had already relocate to Liechtenstein primarily because of its Blockchain and crypto-friendly jurisdiction. One of the latest to have announced such move was Bittrex, one of the global leaders in the Blockchain revolution. As announced, its newly-launched trading platform dubbed as Bittrex Global would be headquartered in Liechtenstein.