According to the state of Liechtenstein’s Prime Minister, Adrian Hasler, authorities will be introducing regulations this summer that could enable the state to become a hub for FinTech in the future.
Coindoo recently reported on the speech made by Adrian Hasler (Liechtenstein’s Prime Minister) during the finance forum in Vaduz in which he confirmed the commitment of the FMA to supporting blockchain technology by introducing comprehensive regulations. It is believed that this will ensure businesses will get the Government the support they need to implement the technology while not having to deal with regulatory uncertainty.
Hasler said that the proposed regulations would see Liechtenstein become one of the first nations to widely regulate the technology – one that he believes will be implemented widely, not just in the crypto sector but in various other industries too.
Is Europe setting the standard for crypto innovation?
As the crypto space evolves, it seems that Europe is making the longest strides when it comes to cohesive regulation (though the USA and China are making some progress.) This news from Liechtenstein is the latest to follow what seems to be an emerging trend on the continent – a trend that leans in favor of blockchain innovation.
Nearby Switzerland, for example, already has a well-defined system for regulating the crypto space that is evident in FINMA’s (the Swiss government body responsible for financial regulation) classification of different tokens and other guidelines set out by the authority. Now it seems that Liechtenstein is ready to join its neighbors in planning for the future.
However, it’s not just regulation that makes Europe such an interesting part of the world when discussing crypto, it’s also the attitude toward technology in general particularly from some of the smaller European nations. Sweden, for example, is well-known for its virtually cashless economy, and Estonia is perhaps even more noteworthy with their e-residency program (underpinned by blockchain technology) and the fact it is a hub for FinTech companies.
What next for Liechtenstein?
If these regulations are introduced, developers and other nations will be watching Liechtenstein closely. If legislation works as the Prime Minister hopes, the nation’s economy could thrive. Then, Liechtenstein would likely become an attractive destination for more FinTech companies, and Europe will be home to yet more big players in the blockchain community.
Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.