It’s something of an unspoken rule that small countries must innovate to succede. In today’s digital, globalized world, this is perhaps even more true than in the past, with the absence of Empires and royal alliances. Instead, small countries like Switzerland, or more recently many of the Carribean nations, have branded themselves as banking innovators, attracting wealth from around the world, while other countries like Ireland have marketed themselves as a good place for international businesses to set up outposts.
In 2009, when the first cryptocurrency Bitcoin exploded onto the world stage, most countries weren’t sure what to do with it. Many of the larger nations like the United State were immediately negative, an attitude which continues 10 years later. They saw cryptocurrencies as a method of tax evasion, and blockchain based ICO’s as scams (and yet more tax evasion). But many smaller nations saw the potential in these disruptive technologies, and took steps to legally clarify their positions. In Europe, those three countries were Malta, Switzerland, and Liechtenstein.
Liechtenstein has perhaps the most unique approach of the three. In both Switzerland and Malta, the transition to a blockchain-positive outlook was tentative, and in some cases resisted by the existing banking institutions that saw a potential threat in Crypto. In Liechtenstein, a constitutional monarchy, the decision to innovatively focus on blockchain was more top-down. Liechtenstein’s forthcoming Blockchain Act will bring legal clarity to the murky subject, while the government’s pro-blockchain outlook is actively encouraging crypto companies to set up shop in the Principality. Liechtenstein offers access to the larger European market, while boasting pro-business laws, a high standard of living, and a central location on the continent. The country is also a short drive from Switzerland’s Crypto Valley, making collaboration and partnerships with some of the most established Crypto organizations and experts easy.
The Blockchain Act is an exciting evolution, both for Liechtenstein and for the global future of the technology. Prime Minister Adrian Hasler was confident of blockchain’s future, saying “as a state, we must consistently improve our framework conditions for businesses to ensure our prosperity and attractive jobs for the next generation.” This new law will focus on legal classifications for different elements of blockchain systems, and bring clarity to the issue of use and abuse in token economies. This is incredibly important for investors and others interested in ICO’s and STO’s, which in the past have often proven fraudulent in the current state of legal ambuguity. The Blockchain Act will also help to clarify, legally, this unprecedented area of the digitization, or ‘tokenization,’ of physical goods into the digital world.
“As a state, we must consistently improve our framework conditions for businesses to ensure our prosperity and attractive jobs for the next generation.”
Celebrating Blockchain and Liechtenstein
A crowning example of Liechtenstein’s new pro-crypto stance, bd300 is a unique blockchain project that celebrates the country’s 300 year anniversary with a fun collecting and trading game, all based on blockchain technology. The company behind the bd300 game is TRIOB, which stands for The Rare Items On Blockchain. TRIOB’s founders are Klaus Stark and Bernhard Elkuch, both Liechtenstein natives and local entrepreneurs. Klaus is a passionate collector of all sorts of collectables and memorabilia, while Bernhard is a blockchain enthusiast who has been working professionally in the Crypto-space since 2015. bd300 is powered by Coreledger, a blockchain infrastructure company based in neighboring Switzerland’s Crypto Valley of Zug, making this partnership a perfect example of Liechtenstein’s advantageous location in the Crypto world.
Lovingly illustrated and painstakingly curated by locals, bd300 features 300 collectable cards profiling important people, historical buildings, and unique institutions from the past 300 years that have all contributed to making Liechtenstein the nation it is today. Each of these cards features a hand-drawn image by artist local Tanja Frick, and a short explanatory text, in both English and German, along with some fun-facts. The games let’s anyone expereince a modern, real world application for blockchain, while learning all about a unique country that is helping with global adoption of this disruptive technology.
The bd300 app will be launching soon on iOS and Android. Join our Telegram community for updates and more information!