Liechtenstein’s government has announced its approval of a new regulation regarding blockchain and tokens.
According to its press release, this brand new act called Token and VT Service Providers Act is made with the purpose to further protect investors, reduce money laundering scams, and set up clarity. The press release also tackles tokenized securities and the possibility of tokenizing real-life belongings of digital token programs.
The act covered not only blockchain and tokens but all “transaction systems based on trust technologies,” leaving room for the evergrowing technology, meaning future trust technology-based inventions will not make the regulation out of date.
The authorities claimed that tokenization would “create new opportunities in the areas of financial services, logistics, mobility, the energy industry, industry, and the media,” in new token economies.
For technology to reach its full potential, a safe yet open environment plays a crucial role. Liechtenstein’s government strongly believes that the new law will provide a regulated environment for damages countering, regulatory readability, and to aid the development of the token financial system.
Earlier this year, the country’s postal service is said to be considering to offer crypto exchanges at their physical places.
Despite the bear market, the amount of blockchain-related companies in Switzerland and Liechtenstein has grown steadily, according to a survey by crypto investment agency CV VC.
Last week, Tipsuda Thavaramara, The Thai Securities and Exchange Commission (SEC) deputy secretary-general re-introduced digital shares issuance and tokenized securities in the recent regulation, as The Crypto Sight reported.
Back in April, Chile’s Minister of Finance Felipe Larraín has revealed during a trip to the US that a new bill regulating cryptocurrencies and fintech has been submitted to his country’s National Congress.