Liechtenstein’s Prime minister has stated he wants to be at the forefront of the digital age, suppressing any burdensome regulations on blockchain technology.
The Liechtenstein government has the aim to provide its citizens with sensible but cohesive blockchain regulations; this will create a stable legal environment that will help further the country’s innovation within this sector.
While the matter remains uncertain in other countries, who aim to introduce blockchain and crypto laws steadily. With no global regulations insight from the recent G20 summit.
In a recent post, the Prime minister stated; “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 utilizing this law, where the role of the state in creating legal certainty and confidence comes into effect where it is needed.” The new law will be passed by Liechtenstein’s Financial Market Supervisory Authority, which in the past has dealt with over 100 related inquiries within the blockchain sector.
The government gained notoriety, reviewing the legislation already in place, set by other countries, and is also in consultation with some fintech conglomerates. The PM expects the bill to be a fair-to-all law, once passed with the aim to present the proposal to the public this summer.
The prime minister also when on to urge that blockchain is the future and it can significantly change almost all aspects of our economic life and financial services.
In a Forbes article, Malahov one of the co-creators for ethereum had a chance to revisit the country, Malahov is a founder of Aternity and has based this new venture out of Liechtenstein. Stating ” Liechtenstein’s quaint valleys and fairytale castles are enough to attract any entrepreneur.”