The Liechtenstein Financial Market Authority (FMA) has published its 2025 Annual Report, describing Liechtenstein’s financial centre as macroeconomically stable despite a challenging environment marked by geopolitical tensions, rising protectionism and weaker global investment and growth. Supervisory priorities during 2025 centred on information and communication technology risks, anti-money laundering, and compliance with foreign sanctions, alongside further development of the supervisory and regulatory framework. The report notes the entry into force of key European legal acts including Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) and the DORA Implementation Act, and confirms that the first crypto-asset service providers in Liechtenstein were authorised under MiCAR in December 2025, enabling services such as safekeeping and administration of crypto assets for clients. It also records the first licensing of a Pfandbrief (mortgage bond) institution in Liechtenstein at the beginning of 2026, under the Pfandbrief Act created in December 2024, with membership limited to banks licensed under the Banking Act and domiciled in Liechtenstein. Separately, the report says the FMA Supervisory Board issued a project mandate in December 2025 to identify optimisation and simplification opportunities, reviewing regulatory requirements, processes and internal procedures for proportionality and effectiveness with the stated aim of reducing burdens on supervised institutions and supporting efficient long-term execution of the FMA’s tasks.
Finance Liechtenstein 2026-04-16
Liechtenstein Financial Market Authority annual report confirms stability and records first MiCAR crypto-asset service provider licences
The Liechtenstein Financial Market Authority’s 2025 Annual Report highlights a stable financial centre and supervisory priorities on ICT risks, anti-money laundering, and foreign sanctions compliance. It notes the entry into force of the Markets in Crypto-Assets Regulation and the DORA Implementation Act, the first authorisations of crypto-asset service providers under MiCAR, and the first licensing of a Pfandbrief institution under the new Pfandbrief Act. The Supervisory Board has also mandated a review and simplification of regulatory requirements, processes and internal procedures to reduce burdens and enhance proportionality and effectiveness.