On May 7th, the government of Leichtenstein, approved a motion to create a law on tokens and VT service providers (Token and VT Service Providers Act, TVTG), commonly identified as “blockchain law”. Anticipating the evolution of the technology in the future, rights to blockchain systems will be in place so that the rights to such digitized platforms will be available. This system is aiming to help propel opportunities across industries and services such as financial services, logistics, mobility, the energy industry and the media.
Forecasts have all been predicting a very promising future for blockchain based technologies. The trends in the early stages have already proven a very fast pace in research and development in the technology and will only continue to shift and continue to change the digitized infrastructure seen today. With that principal idea in mind, the law has been defined so abstractly that they referred to such technology as VT or VT Systems(transaction systems based on trusted technologies) thus the government decided to create a legal basis for the landscape of the token economy and not single out current technology and applications.
With uncertainty on how platforms will operate exclusively with digital currencies, the legal status of “value right” has also been incorporated Leichtenstein Law, which coincides with securities law and TVTG.
The government hopes that this law will create and adequate regulatory system that efficiently shields fraud, theft and at the same time builds a solid foundation for digitization and the token economy.
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