Financial Market Authority: Annual Report 2025
The Liechtenstein Financial Market Authority has published its annual report and confirms the financial centre’s continued stability.
The year 2025 was characterized by a challenging macroeconomic environment. Ongoing geopolitical tensions, increasing protectionist tendencies and a progressive fragmentation of global trade weighed on global economic development and led to weak investment and growth momentum overall. Nevertheless, from a macroeconomic perspective, the financial centre once again proved to be stable, as the Liechtenstein Financial Market Authority notes in its 2025 Annual Report.
Supervision and regulation
Supervisory activities focused on ICT risks, combating money laundering and compliance with foreign sanctions. The reporting year was also characterized by the further development of the supervisory and regulatory framework. The entry into force of important European legal acts – including Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) and the DORA Implementation Act – laid important foundations for a financial system that remains resilient and fit for the future.
New authorization categories were also created when MiCAR came into force. In December 2025, the first crypto-asset service providers (CASPs) in Liechtenstein were authorized to provide activities in accordance with MiCAR. CASPs may provide services in connection with crypto assets. This includes, for example, the safekeeping and administration of crypto assets for clients. Liechtenstein is therefore one of the 18 EEA states that have already issued licenses in accordance with MiCAR.
At the beginning of 2026, a mortgage bond institution was also licensed in Liechtenstein for the first time. A Pfandbrief institution is an institution with a limited scope of business that is licensed to issue Pfandbriefe for the purpose of refinancing its members. Only banks that are licensed under the Banking Act and have their registered office in Liechtenstein can be members of a Pfandbrief institution. Pfandbriefe are proven and valuable instruments for the stable and crisis-resistant refinancing of banks and thus strengthen the stability of Liechtenstein’s financial center. The basis for the license was the creation of the Pfandbrief Act in December 2024.
The Financial Market Authority
Efficiency, a lean state and non-excessive bureaucracy and regulation are key factors for Liechtenstein’s international competitiveness. The FMA has also been striving for a long time to reduce bureaucratic hurdles and increase efficiency. In view of a continuously growing portfolio of tasks and new regulatory requirements, the Supervisory Board issued a project mandate in December 2025 with which the FMA is systematically identifying further potential for optimization and simplification. The aim is to review regulatory requirements, processes and internal procedures for proportionality and effectiveness. The aim is to reduce the burden on supervised institutions and ensure that the FMA performs its tasks efficiently in the long term.
