Liechtenstein, a small country located between Switzerland and Austria is going to release new regulations that will support blockchain technology to spread in the country. The information has been released by Liechtenstein’s Prime Minister Adrian Hasler during a Finance Forum in Vaduz.

Liechtenstein Blockchain Regulations

According to Mr Hasler, the project should be ready in the summer of 2018 and will provide support to different projects that are based on blockchain technology. 

Hasler commented during his speech:

“The planned regulations will make us one of the first nations worldwide to regulate this topic this broadly, laying the groundwork for extensive economic applications.”

Liechtenstein is the home of important financial institutions from all over the world. Indeed, is the only country on earth that has more enterprises registered there than people living in the country. With these new laws, the intention is to extend the possibilities of the country to blockchain and cryptocurrency related companies.

At the same time, in order to explain how blockchain works to the audience, he mentioned that blockchain is not only related to cryptocurrencies, but it can be used in other areas. Hasler explained that the technology can be used in other areas like the automotive, music or financial industries.

Moreover, he said that in the future, more companies and economic services will be based on blockchain technology. Vaduz, Liechtenstein’s capital is an important financial centre and the technology can help it to increase its efficiency.

At the moment, Liechtenstein has not restrictions on cryptocurrencies. The Financial Market Authority of Liechtenstein (FMA) has just released some brochures about Initial Coin Offerings and other cryptocurrency related investments.

The country has very permissive legislations and was an important place for enterprises to pay less taxes. It is expecting that in the future, blockchain companies would chose this place instead of others like the Swiss city of Zug or other crypto-friendly countries.

Zug Crypto-Valley in Switzerland

Switzerland, neighbouring country of Liechtenstein, has also an important cryptocurrency and blockchain hub. The city of Zug is known as the “crypto-valley” because of its friendly approach towards blockchain and cryptocurrencies.

There are several enterprises that are located in Zug. The city is adopting cryptocurrencies in shops and even to pay for the public transport.

Now, Bitfinex, one of the most important cryptocurrency exchanges by trading volume, is thinking about settling its operations in Switzerland. According to Jean-Louis van der Velde, CEO at Bitfinex, they are studying with a team of experts, the current legal system in Switzerland and the city.

Bitfinex CEO explained:

“We are looking for a new home for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations.”

At the same time, Mr Velde said that they want to be the most transparent cryptocurrency exchange in the market.

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