The government of Liechtenstein has begun to develop “reasonable” legislation for blockchain technology.
Prime Minister Adrian Hasler said that the authorities intend to avoid “excessive” regulation, and based on the experience of other states, they are going to go “much further”.
According to him, the law will cover the activities of a wide range of new services and business models related to distributed register technology and lock-up.
Prime Minister stressed that he does not see any sense in the too strict regulation of this sphere, as the technologies will continue to develop beyond the law.
“There is no point in creating regulations that are excessive and lacking in practical relevance, because then the blockchain economy will simply develop outside the regulations. That surely would not be in the interest of any country. Therefore we want to propose a sensible regulatory approach by means of this law, where the role of the state in creating legal certainty and confidence comes into effect where it is needed,” he explained
The document is scheduled for release in the summer.