The Liechtenstein Financial Market Authority has published its Annual Report 2025 in German, summarising supervisory developments in the Liechtenstein financial centre over the past year and describing the sector as stable despite geopolitical developments. The report notes new market entrants since the end of 2025 and beginning of 2026, including the first licensing of a mortgage bond institution and several crypto asset service providers. Crypto asset service providers are registered under Regulation (EU) 2023/114 on markets in crypto assets (MiCAR), which entered into force at the beginning of 2025. The DORA Implementation Act took effect in January 2025, and the legal framework for supervision of banks and investment firms was completely revised to align national law with the EEA regulatory system, with the new framework entering into force on 1 February 2025. An English version of the Annual Report is due later in the year. The FMA also signals a specific focus in 2026 on reducing bureaucratic hurdles and increasing efficiency, supported by a project launched at the end of 2025.
Liechtenstein Financial Market Authority 2026-04-16
Liechtenstein Financial Market Authority publishes Annual Report 2025 highlighting first MiCAR registrations and revised supervisory framework
The Liechtenstein Financial Market Authority’s 2025 Annual Report describes the financial sector as stable and highlights new market entrants, including the first licensed mortgage bond institution and several crypto asset service providers under Regulation (EU) 2023/114. It notes the entry into force of the DORA Implementation Act and a fully revised supervisory framework for banks and investment firms aligned with the European Economic Area system in early 2025. The authority also signals a 2026 focus on reducing bureaucratic hurdles and increasing efficiency.