Parliament of Liechtenstein Passes New Blockchain Act

The Parliament of Liechtenstein unanimously passed a Blockchain Act on October 3. This act, officially known as the Act on Tokens and Entities Providing Services Based on Trusted Technologies is aimed at improving protection of investors and combating money laundering.

The act will go into force on January 1, 2020. According to the parliament, it is the first comprehensive regulation of the industry. It will provide regulation of civil law in the token industry as it related to asset protection and client protection. It will also provide supervision for those who provide services in blockchain.

The attitude of Liechtenstein towards blockchain has already led several companies to move their business to the country. Bittrex Global, the trading platform for Bittrex, will be based in Liechtenstein.