Financial Crime World

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Regulatory Landscape of FinTech in Liechtenstein

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The regulatory landscape surrounding FinTech, particularly in Liechtenstein, is complex and evolving. The Financial Market Authority (FMA) has taken a proactive approach to embracing FinTech while ensuring customer protection and systemic stability.

Key Points

TVTG Framework

  • Regulatory milestone: The TVTG framework is a regulatory milestone that aligns with international standards, enabling effective supervision of FinTech service providers.
  • Registration process: Service providers are required to register with the FMA, adhering to stringent regulatory standards. The registration process under the TVTG is designed to be transparent and efficient.

Compliance with European Standards

  • Due Diligence Act: Compliance with the Due Diligence Act pursuant to European standards is mandatory for all service providers, emphasizing Liechtenstein’s commitment to preventing financial crimes.
  • Diverse range of service providers: The TVTG recognizes a broad spectrum of service providers, each integral to the FinTech ecosystem, including token issuers, token exchange service providers, and token custodians.

Regulatory Approach for Decentralized Systems

The regulatory approach for decentralized systems without an issuer or service provider is still evolving. However, the FMA has taken steps to address these concerns through the introduction of new roles under the TVTG Refit, such as:

  • Tokenization service providers
  • TT Trading Platform Operators

Assessment of NFTs

Non-Fungible Tokens (NFTs) are not explicitly mentioned in the provided text. However, the FMA has taken steps to address the regulatory challenges posed by NFTs through the introduction of new roles under the TVTG Refit, such as:

  • TT Crypto Asset Administrators
  • Token Lending Enterprises

Conclusion

Liechtenstein’s FinTech regulatory framework is designed to balance innovation with risk mitigation. The FMA continues to evolve its approach to address emerging challenges, including decentralized systems and NFTs.