Liechtenstein will regulate the blockchain industry
The local government approved a legal project that aims to protect investors from this technology and cryptocurrencies
This week the government of Liechtenstein announced the approval of a regulatory framework that will cover the entire blockchain company in the country, as well as the providers of cryptocurrency services.
This is how the “Law of suppliers of token services and transaction systems based on reliable technologies (VT systems)” comes into effect, which was approved on May 7 and which takes a protection approach to investors. of the sector.
As its title says, the expectations with this law is to cover the entire sector without the need to create a specific regulation for each application of blockchain technology.
According to the statement, the jurisdiction has recognized the potential of blockchain technology and the high rate of innovation in its different areas of application.
For this reason, it was necessary to define a valid regulation for the next generations of technology.
“Due to the great potential of blockchain as a base technology, the government has decided to create a legal basis for the economy of tokens and not only to regulate current applications, in particular cryptocurrencies or Initial Currency Offers (ICO),” says part of the communication.
Another objective of this new law is to differentiate the way in which digital values are represented and transferred, such as a token of the aforementioned VT system.
K. Tovar
Source: Coincrispy
