Financial Crime World

Here is the rewritten article in markdown format:

Liechtenstein’s Regulatory Framework for FinTech and Blockchain

Key Points

  • Regulatory Framework: The TVTG (Token and TT Service Provider Act) is a regulatory milestone that aligns with international standards, enabling effective supervision of FinTech service providers.
  • Service Providers: Token issuers, token exchange service providers, token custodians, and other service providers are required to register with the FMA (Financial Market Authority).
  • Due Diligence Act: Compliance with this act is mandatory for all service providers, emphasizing Liechtenstein’s commitment to preventing financial crimes.
  • Service Provider Categories: The TVTG recognizes a broad spectrum of service providers, including token issuers, generators, custodians, protectors, validators, exchange service providers, price service providers, auditors/verifiers, identity service providers, and agents.

TVTG Refit

The TVTG Refit introduces additional roles like:

  • Tokenization Service Providers: Enables the creation of new tokens.
  • TT Trading Platform Operators: Facilitates trading of TT (Transferable Tokens).
  • TT Crypto Asset Administrators: Manages TT crypto assets.
  • TT Transfer Service Providers: Handles TT transfers.
  • Token Lending Enterprises: Provides token lending services.

MiCAR

MiCAR stipulates a comprehensive evaluation of DeFi’s development by the European Commission by 30 December 2024.

Context

Liechtenstein’s regulatory approach to FinTech and blockchain is focused on promoting innovation while mitigating risks. The country has established a regulatory framework that aligns with international standards, enabling effective supervision of FinTech service providers.

Relevant Laws and Regulations

  • TVTG (Token and TT Service Provider Act)
  • MiCAR (Markets in Crypto-Assets Regulation)
  • Due Diligence Act
  • Trustee Act

Industry Context

The document is relevant to the FinTech and blockchain industries, particularly those involved in token issuance, exchange, custody, and other related services.