LIECHTENSTEIN Law and Practice Contributed by: Christian Inmann and Markus Stelzl, Inmann Stelzl & Partner Attorneys at Law Partnership
2.2 Regulatory Regime Liechtenstein’s regulatory regime for fintech and cryp - to-asset industry participants is characterised by the close integration of EU financial market law via the Agreement on the European Economic Area (EEA) and its supplementation by Liechtenstein-specific imple - mentation. For crypto-asset and tokenisation-related business models, the decisive regulatory distinction remains whether an activity concerns (i) financial instruments within the meaning of Markets in Financial Instru - ments Directive II (MiFID II), (ii) crypto-assets within the meaning of MiCAR (iii), or a crypto-asset not cov - ered by MiCAR, but the national TVTG. This classifica - tion determines the applicable licensing requirements, ongoing obligations and supervisory oversight by the Financial Market Authority Liechtenstein (FMA). Against this background, the following statutory regimes may apply, depending on the business model. MiCAR Although MiCAR was incorporated into the EEA Agree - ment on 24 June 2025, the Liechtenstein legislature already embedded the accompanying supervisory, administrative and procedural framework in the Act to Implement MiCAR ( EWR-MiCA-Durchführungsge- setz ), which entered into force on 1 February 2025. MiCAR establishes a harmonised EEA-wide public- law regime for crypto-assets that do not qualify as, inter alia, financial instruments, and rests on three regulatory pillars. Public offering and admission to trading of crypto- assets MiCAR regulates the public offering and the admis - sion to trading of crypto-assets through extensive transparency and disclosure obligations. Prior to the commencement of an offer to the public or the admis - sion to trading, a crypto-asset white paper must be prepared, notified to the FMA and published, subject to certain exceptions set out in MiCAR. The white paper must remain publicly available for as long as the crypto-assets are held by the public.
perspective. New market entrants typically focus on crypto-native services, while legacy financial institu - tions increasingly integrate crypto custody, brokerage and tokenisation services into their existing offerings. B2B Fintech Another key fintech business model is B2B services supporting regulated institutions. This includes block - chain infrastructure providers, transaction processing, compliance tooling, and trusted technology service providers under the TVTG regime. These models are attractive to both start-ups and established players, as they align well with Liechtenstein’s institutional client base and allow scalability across the EEA via passporting. Digital Banking and Regulated Financial Institutions Liechtenstein has seen the emergence of digital-first banks and specialised financial institutions, includ - ing e-money institutions, payment service providers and digital asset-focused banks. Unlike consumer- focused neobanks in larger markets, these entities typically serve professional and high net worth cli - ents, often with an international focus. Legacy banks have increasingly adopted fintech-driven solutions, particularly in areas such as digital onboarding, asset tokenisation and custody of crypto-assets. Payments and E-Money Services While less dominant than crypto and infrastructure, payment services and e-money models are present, primarily targeting niche or cross-border use cases. These businesses operate under EU-harmonised frameworks and are often integrated with broader fin - tech or platform-based offerings rather than operating as standalone consumer payment apps. Regtech, Compliance and AML Solutions Regulatory technology has become an increasingly relevant fintech business model, driven by heightened AML/CFT, MiCAR and DORA requirements. Fintechs offering identity verification and compliance automa - tion play an important role, both as standalone provid - ers and as embedded solutions within regulated insti - tutions. This business model is particularly relevant for legacy players seeking to modernise compliance functions without rebuilding internal systems.
490 CHAMBERS.COM
Powered by FlippingBook