Finance Liechtenstein published an update describing how the Markets in Crypto-Assets Regulation (MiCAR) Implementation Act, in force since 1 February 2025, alongside the Token and TT Service Provider Act (TVTG), positions Liechtenstein as an EU and European Economic Area entry point for crypto-asset activity, including firms from Switzerland. The note highlights that European Economic Area membership gives Liechtenstein-based service providers simplified access to the EU/EEA single market and that Swiss companies have been establishing Liechtenstein subsidiaries to use this access. It also emphasises the TVTG’s civil law framework, which defines tokens as digital representations of rights as well as cryptocurrencies, enabling tokenisation of tangible and intangible assets and allowing rights to be represented directly in token form without an intermediary company. Finance Liechtenstein contrasts this with MiCAR’s focus on supervision of service providers and public token offerings, noting that MiCAR does not regulate civil law principles and that the TVTG is intended to mitigate resulting legal uncertainty.
Finance Liechtenstein 2025-04-15
Finance Liechtenstein outlines how the MiCAR Implementation Act and TVTG underpin tokenisation and EU market access
Finance Liechtenstein explained how the MiCAR Implementation Act and the TVTG position Liechtenstein as a gateway for crypto-asset activities in the EU and EEA. Liechtenstein's EEA membership facilitates market access for local providers, attracting Swiss firms to establish subsidiaries. The TVTG offers a civil law framework for tokenisation, while MiCAR focuses on service provider supervision and public token offerings.