Liechtenstein's Parliament Unanimously Approves New Blockchain Act

Liechtenstein's Parliament has unanimously passed the Act on Tokens and Entities Providing Services Based on Trusted Technologies, also known as the Blockchain Act.Pioneer in comprehensive regulation.

On Oct. 3, the Parliament of Liechtenstein approved the Blockchain Act, which aims to improve investor protection, combat money laundering and establish clarity.

The parliament's announcement claims that this act will make Liechtenstein the first country to have comprehensive regulation of the token economy.

"With the TVTG an essential element of the financial center strategy of the government is implemented and Liechtenstein is positioned as an innovative and legally secure location for providers in the token economy."

Thomas Nägele, attorney and co-author of the Liechtenstein Blockchain Act, was quick to share the news with his social media followers.

"The positive decision without dissent from the Liechtenstein government shows the importance of the"Blockchain Act".

With its pioneering role, Liechtenstein proves once again that it is the ideal location for FinTech and Blockchain companies and thus for us too, in the heart of Europe.

Cointelegraph previously reported that Liechtenstein's friendly approach to blockchain has already attracted several blockchain companies.

Cryptocurrency trading platform Bittrex recently announced its new trading platform, Bittrex Global, to be headquartered in Liechtenstein.

Bittrex chose to establish a trading platform in Liechtenstein because of the small country's clarity in regulating digital currencies and blockchain technology.