CCA Trustless Technologies Association
Liechtenstein was the first country worldwide to issue a law on token and TT service providers (the TVTG, Token and TT Service Privider Act) with the objective to regulate digital / TT-based economyor token economy.
The secure digital representation and transfer of assets and rights is an important driver of innovation in digital economy and financial services. Liechtenstein was early to recognise the potential and the necessity of comprehensive regulation.
The law – which is also called the Blockchain Act – entered into force as early as on 1 January 2020 and has ensured not only legal certainty for everybody concerned but also a framework of legal certainty for the further development of trustworthy technologies (TT) and their use in both financial and real economy.
The TVTG includes civil-law provisions on tokens as well as the legal basis for the rights of ownership and disposal of tokens on TT systems. It not only lays down rules for digital assets but also creates the legal basis for the tokenisation of analogue assets.
It is the purpose of the law to protect users and to maintain trust in the technology. Service providers who render services on TT systems are subject to registration and to supervision by the Financial Market Authority (FMA).
As at the end of 2022, 22 TT service providers and 48 TT services were registered with the FMA.