Thomas Dünser, director of Liechtenstein’s Office for Financial Market Innovation and Digitization, spoke to Cointelegraph about his country's comprehensive token laws, and the…
Neither the trend toward decentralization nor toward NFTs was unexpected, said Dünser. “With our national token law, we have created the basis for a broad range of tokenizations, even going beyond NFTs. We have deliberately tried to think far beyond the current use cases of blockchain in our legislation. So, I don’t expect that we will have to re-regulate here anytime soon.”
“Given the rapid pace of technology-driven innovation, the ability of the legal system to innovate is critical. Without it, we not only slow down innovation but also face considerable legal uncertainty. Neither of these can be in the interest of states.” Crypto service providers newly regulated under MiCA will no longer need to be regulated under the Blockchain Act.
“However, we need to distinguish between the civil law and supervisory law parts,” Dünser noted, adding, “MiCA includes only the prudential components. Each member state has to clarify the civil law foundations itself. With the Blockchain Act, Liechtenstein already has a comprehensive and robust legal framework for all types of tokenization, from equity tokens, and other crypto assets to NFT and other tokenized rights.
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