Best Bitcoin Card for Liechtenstein
During his speech at the Finance Forum, Adrian Hasler emphasized that “Finance 2.0” is already a reality in Liechtenstein. However, the head of government is also aware that the state must create the framework conditions for this. He revealed:
The government is already working on this
“Today, Liechtenstein is one of the most attractive locations for innovative business models, as can be justifiably stated,” stated Head of Government Adrian Hasler. This is particularly evident in the Fintech area. Contrary to what was expected a few years ago, however, this and digitization are not accompanied by the demise of the classic financial systems and companies, the direction is much more towards cooperation and mixing of old and new.
In a few years, Fin-Tech will be an indispensable part of the financial market; conversely, it would hardly be possible to find them without the legal certainty and quality level of the established financial market. “As a state, we can make an active contribution here by being open to new technologies and dealing with them on a sound basis,” said Hasler. He referred to initiatives such as the innovation clubs or the regulatory laboratory, which in 2017 alone looked after over 100 companies.
“If we expect companies to they are innovative and adapt to change, then companies can expect the same from the state.” Head of government Adrian Hasler
But the role of the state goes further: “If we expect companies to be innovative and adapt to change, then companies can expect the state to do the same”. The state must also pursue an innovation process through which ideas for improving the framework conditions are taken up, evaluated and implemented. He made this clear using the example of blockchain technology, which will not only have a strong influence on the financial market. “It is therefore important that all of us – the state and the companies – now deal with these developments and make the right strategic decisions,” emphasised the head of government.
Consultation this summer
In this sense, he informed the visitors of the Finance Forum that the Ministry of Presidential Affairs and Finance is working on a law on blockchain systems, which is to go into consultation this summer. On the one hand, the law is about integrating the current business models in Liechtenstein into the regulatory framework in order to give companies and their clients legal certainty. On the other hand, the blockchain technology is not only interesting for crypto currencies such as Bitcoin, but also for many other applications. Hasler is convinced that in the future other assets such as real estate, cars or securities can also be traded using this technology. ”
This broad area of application is not covered in part by today’s financial market regulation, and yet we need special protection for real assets in particular,” the head of government is aware of. The law should therefore regulate this transformation from the “real world” into a digital blockchain trading system and the basic services based on it in such a way that new business models can emerge and legal certainty is increased for all those involved. “With the planned law, we will be one of the first countries in the world to regulate this topic in such a broad range and thus create the basis for far-reaching economic applications,” emphasized Hasler. “Finance 2.0” – this year’s topic of the Finance Forum – is no longer a future model for Liechtenstein, but reality.