LIECHTENSTEIN Trends and Developments Contributed by: Thomas Plattner and Fabian Jenny, Ospelt & Partners Attorneys at Law Ltd.
Where Tradition Meets Tokenisation: Liechtenstein’s Evolving Art and Digital Asset Ecosystem The Principality of Liechtenstein has established itself as an important hub at the intersection of art and transformative digital technologies. As of 2026, the jurisdiction is characterised by a sophisticated regulatory dualism that balances the preservation of classical cultural heritage with the expansion of the token economy. This environment gives collectors, investors, and art market professionals a high degree of legal certainty and structural flexibility within the European Economic Area (EEA). By combining advanced blockchain regulations with civil law traditions, Liechtenstein offers a stable legal environment for handling assets such as art. This dual approach protects both physical artworks and digital creations through robust statutory provisions. Dual regulatory regime: TVTG and MiCAR MiCAR regulatory framework A defining feature of the regulatory landscape in 2026 is the operational maturity of the bifurcated regime created by the EEA MiCA Implementation Act (EWR‑MiCA‑DG), which entered into force on 1 Febru - ary 2025. This framework sets out a mutually exclu - sive relationship between the domestic Token and VT Service Provider Act (TVTG) and the EU‑wide Markets in Crypto‑Assets Regulation (MiCAR) (Article 2 (1), let - ters g and h of the TVTG). Market participants must classify assets based on their technical and legal characteristics. Unique, non‑fractionalised, non‑fungible tokens (NFTs) contin - ue to fall outside MiCAR and remain governed by the TVTG. Conversely, crypto‑assets that meet MiCAR’s harmonised definitions fall under EU‑wide standards, effectively marking the end of solely national regula - tion for most fungible crypto‑assets. Fractionalisation and crypto‑asset alignment The classification of tokenised art and collectibles depends on the degree of standardisation and fungi - bility. Under the 2025 amendments to the TVTG (LGBl 2025, No 113), fractionalisation is the key dividing line. If an asset is divided into fungible tokens that repre - sent identical rights in a collection or underlying asset,
those tokens qualify as crypto‑assets under Regula - tion (EU) 2023/1114 (MiCAR). This triggers stringent compliance obligations, includ - ing the requirement to publish a MiCAR‑compliant White Paper for any public offering (Article 4, MiCAR). To remain within the TVTG framework and benefit from the NFT exemption, assets must remain unique and non‑fungible (Article 2 (3), MiCAR). Entities engaging in fractionalisation must ensure proper documenta - tion and service registrations to avoid sanctions for unauthorised activity. Supervisory oversight and EEA passporting The transition to the MiCAR regime will conclude on 1 July 2026, ending the grandfathering period. Liech - tenstein has aligned this deadline with the maximum transitional period permitted under EU law. Crypto‑Asset Service Providers (CASPs) that were lawfully active under the TVTG before 30 December 2024 may operate under their existing registrations until this date. To maintain legal authorisation after 1 July 2026, they must submit a complete CASP application to the Financial Market Authority (FMA). Passporting rights within the EEA are only granted to entities with full CASP authorisation; they are not available during the grandfathering phase. CASPs that fail to transition, or whose applications are rejected, must cease all MiCAR‑regulated services as TVTG registrations will no longer suffice (LGBl 2025, No 596). Machine‑readable disclosure: iXBRL and FMA oversight Machine‑readable transparency and iXBRL Standards A major technical shift in 2026 is the move to machine‑readable transparency using iXBRL. Under Commission Implementing Regulation (EU) 2024/2984 (effective 23 December 2025), crypto‑asset White Papers under MiCAR Annex I must be produced in XHTML format with Inline XBRL (iXBRL 1.1) tagging. This ensures White Papers are both human‑ and machine‑readable, enabling automated processing under MiCAR (Regulation (EU) 2023/1114).
121 CHAMBERS.COM
Powered by FlippingBook