Liechtenstein Adopting Light Cryptocurrency Regulations

It appears, that Liechtenstein doesn’t want to miss the opportunity of using Blockchain innovation in its economic system. According to the nation’s prime minister, the government of Liechtenstein plans to lay out “sensible” and comprehensive Blockchain regulations.

The new Blockchain legal rules will create a good conditions for innovation technologies.

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.”

Later Mr. Hasler stated that the bill called “The Blockchain Act,” will present an appropriate and light-handed regulatory framework. He has mentioned:

“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 generally improved by Financial Market Supervisory Authority of the country. The organization has already addressed more than 100 Blockchain and cryptocurrency related issues.

Also the prime minister pointed the government has looked into the legislation of other countries in order to come up with its own. The officials are dealing with a number of fintech companies and lawyers. He believes that the bill will be ready to be put into effect already this summer.