Liechtenstein Will Encourage Blockchain With New Regulations

Liechtenstein blockchain cryptocurrency

The Prime Minister of the Liechtenstein, Adrian Hasler, stated during a conference he gave at the Finance Forum in Vaduz that the country will introduce regulations for blockchain business models and underlying blockchain systems, according to Cointelegraph.

The legislation, which will be presented in the summer of 2018, will be put into place with the goal of giving legal certainty to businesses and customers in the blockchain industry.

“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,” Hasler said at the conference.

According to Adrian Hasler, a large percentage of the world’s economic transactions will be executed using blockchain in the near future. To him, the support of the innovation in the blockchain industry will be a success factor for the country.

As of now, there are no regulations for the trading of cryptocurrency nor their use as a payment method. The only documents are two small booklets about cryptocurrency and ICOs released by the Financial Market Authority of Liechtenstein (FMA).

Recently, a Liechtenstein bank became the first to allow its clients to directly invest in cryptocurrency.

 

 

 

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