The Parliament of Liechtenstein has unanimously approved of the Act on Tokens and Entities Providing Services Based on Trusted Technologies (TVTG), also widely referred to as the Blockchain Act.
On October 3, Liechtenstein’s Parliament passed the Blockchain Act, specifically devoted to better protect investors, fight against money laundering, along with achieving clarity.
The new Act will officially be in effect starting the first day of 2020, (January 1). The new Act is believed to earn Liechtenstein the reputation of the first nation globally that achieved regulatory comprehension of the token economy.
The freshly passed act will provide regulation for client and asset protection-focused matters, while at the same time will be able to supervise the businesses in the field.
“With the TVTG an essential element of the financial center strategy of the government is implemented and Liechtenstein is positioned as an innovative and legally secure location for providers in the token economy.” Liechtenstein’s Prime Minister Adrian Hasler, claimed.
Thomas Nägele, attorney and co-drafted the Liechtenstein Blockchain Act, has wasted no time making his followers on social platforms know of the announcement.
“The positive decision without dissent from the Liechtenstein government shows the importance of the “Blockchain Act”. The TVTG not only creates legal certainty for all market participants, but also heralds a new era, the token economy. With its pioneering role, Liechtenstein proves once again that it is the ideal location for FinTech and Blockchain companies and thus for us too, in the heart of Europe.” CEO of Bitcoin Suisse in Liechtenstein, Mauro Casellini, stressed on the vitals of the new act.