Here is the converted article in markdown format:
Liechtenstein’s Financial Sector: A Hub for Trust, Mandates, and Reviews
The small but mighty financial center of Liechtenstein has made significant strides in recent years. As of the end of 2020, a total of 147 professional trustees and 245 trust companies were licensed to operate in the country. This number has been steadily increasing since 2016.
Professional Trustees and Trust Companies
- As of the end of 2020, there were 147 professional trustees and 245 trust companies licensed to operate in Liechtenstein.
- The number of licensed entities has been steadily increasing since 2016.
Token and TT Service Provider Act
Another significant development is the Token and TT Service Provider Act (TVTG), which came into effect at the beginning of 2020. This act regulates the provision of services on TT systems, such as blockchains, which enable a wide range of economic activities. The Financial Market Authority (FMA) is responsible for registering TT service providers and conducting event-driven supervision.
Financial Intermediaries and Products
The FMA also supervises a wide range of financial intermediaries and products, including:
- Banks
- Investment firms
- Payment institutions
- Electronic money institutions
- Asset management companies
- Insurance undertakings
- Pension schemes
As of the end of 2020, there were:
- 14 bank licenses issued
- Licenses for investment firms, payment institutions, and electronic money institutions
Free Movement of Services
Liechtenstein has also made significant strides in the area of free movement of services, with a total of 1,432 financial intermediaries supervised by the FMA under this arrangement. This includes:
- Banks from the European Economic Area (EEA) and Switzerland
- Investment firms from the EEA and Switzerland
- Payment institutions from the EEA and Switzerland
- Electronic money institutions from the EEA and Switzerland
- Insurance undertakings from the EEA and Switzerland
Conclusion
==========
In conclusion, Liechtenstein’s financial sector is a thriving hub for trust, mandates, and reviews. With its strong regulatory framework and favorable business environment, it attracts a wide range of financial intermediaries and products. The country’s commitment to innovation and technology, as evidenced by the Token and TT Service Provider Act, also positions it well for the future.
Annexes
==========