Liechtenstein leads the way in decentralized finance
Liechtenstein leads the way. Bittrex, one of the most famous crypto exchanges all over the world, has opened a site in Liechtenstein with Bittrex Global in order to secure access to the European Economic Area (EEA). A further reason is likely to be the Liechtenstein Blockchain Act, which was passed by the Liechtenstein Parliament on 3 October and will come into force in January 2020. Thanks to its open regulator and strong financial center, the small state is a large player in fintech. The fintech.li conference on 23 October and the opening of the CV Labs Vaduz as an offshoot of the international blockchain network from Zug on 24 October are further examples of Liechtenstein’s pioneering role in decentralized finance.
German version available here
Bittrex Global Launches Platform by End of October
According to Kiran Raj, Chief Strategy Officer at Bittrex Inc., Bittrex intends to further strengthen its exchange services via Liechtenstein to the European Union by the end of October. The US company has chosen Liechtenstein as a strategically important location for various reasons. On the regulatory side, Liechtenstein’s Blockchain Act provides security through innovative legislation. Bittrex also appreciates the close exchange with the Financial Market Authority (FMA), which ensures the necessary flexibility despite strict rules through the regulatory lab. Further factors for Liechtenstein as a business location are its access to the European Economic Area (EEA), its geographical location, and its strong financial center with an active block-chain community. Prince Michael of Liechtenstein summarizes the event of 18 October as follows.
“I believe, that in Liechtenstein we can lead the way in Blockchain Technology.” (Prinz Michael von Liechtenstein)
Press conference on the Liechtenstein Blockchain Act (TVTG)
Prime Minister Adrian Hasler opened the press conference with a statement on the Blockchain Act (TVTG) in Vaduz. Looking back, the work on this draft law was started very early through Impuls Liechtenstein. Various working groups, experts and the Liechtenstein parliament have quickly familiarized themselves with a very specific topic and created the TVTG, a comprehensive and significant law with global reach. With the new law, the regulator wants to map rights in a digital transaction system such as property rights. In addition, minimum standards are to be defined in order to be able to comply with the anti-money laundering law. The core element of the TVTG is the so-called token container model which creates a new legal form in which a token can represent rights of all kinds. Mauro Casellini, CEO of Bitcoin Suisse (Liechtenstein), also sees the token economy and digital assets as the future of Liechtenstein’s financial centre.
Opening of CV Labs Vaduz on 23 October 2019
After an opening speech by the Liechtenstein government represented by Thomas Dünser, the various initiators of the Blockchain network introduced themselves. These included CV Labs AG, Crptix AG, CV VC AG, Inacta AG, Corledger AG, Bitcoin Suisse AG, eCredits AG and the Crypto Country Association. In addition to the location in Liechtenstein, CV Labs has planned offices in Dubai and Singapore.
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