Fintech 2026

LIECHTENSTEIN Law and Practice Contributed by: Christian Inmann and Markus Stelzl, Inmann Stelzl & Partner Attorneys at Law Partnership

• Platforms handling security tokens fall under MiFID II/MiFIR. • Platforms trading crypto-assets (EMTs, ARTs and other crypto-assets) must be authorised as CASPs under MiCAR. • Custody of assets outside the scope of MiCAR (eg, NFTs) may require a TVTG registration. • Trading via intermediaries is subject to the same licensing and conduct rules, whereas P2P trading of non-security tokens is largely unregulated unless the platform provides execution or intermediary services. 10.6 Staking In Liechtenstein, the TVTG introduced the regulated service category of the token lending company ( Tok- endarlehensunternehmen ). Under the TVTG, a token lending company is a service provider who receives tokens under the condition that they can dispose of them at their own discretion or on the instructions of clients, but must retransfer tokens after a certain period of time. As a result, certain forms of staking fall within the defi - nition of token-lending company, where tokens are transferred or locked under the control of the service provider, combined with a contractual obligation to return equivalent tokens to the client. In such cases, staking is not treated as a purely technical service but as a regulated activity under the TVTG. 10.7 Crypto-Related Lending See 10.6 Staking . 10.8 Cryptocurrency Derivatives The offering of cryptocurrency derivatives is regulated and generally falls under existing financial markets law, rather than MiCAR or the TVTG. Where a derivative references a cryptocurrency (eg, futures, options, CFDs or swaps on bitcoin or ether), it is typically classified as a financial instrument under MiFID II. As a result, firms offering or brokering such products must be licensed as investment firms under MiFID II. Trading venues listing crypto-derivatives must be authorised (eg, as regulated markets or MTFs) and meet strict requirements on market integrity and risk controls.

Importantly, MiCAR does not apply to crypto-deriv - atives, as it expressly excludes crypto-assets that qualify as financial instruments. Accordingly, providers cannot rely on CASP authorisation to offer derivatives; a MiFID-based licence is required. 10.9 Decentralised Finance (DeFi) In Liechtenstein, DeFi is not regulated as a separate category, but is assessed under existing regulatory frameworks based on the functions performed and the degree of control exercised, in line with the principles of technological neutrality and substance over form. The absence of a traditional intermediary does not, by itself, remove an activity from regulatory oversight. Where a DeFi arrangement involves security tokens, the relevant securities and financial markets laws apply. If a party designs, operates, controls or mean - ingfully influences a protocol that enables the trading of security tokens, this activity may qualify as operat - ing a trading venue or providing investment services under MiFID II, triggering licensing, organisational and conduct requirements. The fact that trading occurs via smart contracts does not change this assessment. For cryptocurrencies and other crypto-assets with - in MiCAR’s scope, regulatory obligations may arise if a party facilitates trading, custody, exchange or execution, even where these services are labelled as “decentralised”. Under MiCAR, entities that exercise control, governance rights or ongoing involvement in a protocol may be deemed CASPs and require authori - sation. A purely decentralised protocol with no identi - fiable controlling party may fall outside direct supervi - sion, but this is assessed very narrowly in practice. Crucially, a party cannot avoid regulation simply by claiming there is no intermediary. If there is an identifi - able developer, operator or service provider that sets parameters, upgrades the protocol, provides front-end access, markets the service or collects fees, regula - tors will generally consider that party to be performing a regulated activity. 10.10 Regulation of Funds Funds investing wholly or partly in blockchain assets are regulated under the existing collective investment framework, applying a technology-neutral approach.

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