MiCa — Markets in Crypto-assets Regulation and the DLT Pilot Regime — What impact might these proposed EU regulations have on Liechtenstein and the TVTG (aka Blockchain Act)?


“the European Commission has set the traffic lights to green for the token economy”.

“Like smartphones have become standard in the meantime, tokens will become standard in the future,”

Crypto-asset services Art. 3 No 9 MiCa
Token classification based on MiCa and the proposed amendmend of MiFID II.
Comparison of MiCa and the TVTG
Types of Secondary Markets for Security Token
The pilot Regime allows a DLT MTF to perform some activities normally performed by a CSD

One of the difficulties at present is that existing financial services regulation was not designed with DLT in mind.

This could develop into a competitive advantage for a crypto pioneer nation such as Liechtenstein.

Attorney at Law specialized in Banking & Finance and Technology | Former coder | member of the workgroup drafting the Liechtenstein Blockchain Act.

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