On February 20, 2020, Thomas Dünser, Head of the Staff Unit for Financial Center Innovation, informed an expert audience in Berlin about recent developments and perspectives based on the new TVTG Act ("Blockchain" Act).
The law came into force in Liechtenstein on January 1, 2020. This means that the country is taking on a pioneering role in this area. At the expert briefing, it became clear what potential blockchain technology has for developments in the global economy. The Technology extends far beyond the financial center and its products. Rather, all property and ownership rights can be digitally mapped ("tokenized") with the help of the blockchain and securely transferred without traditional intermediaries. The range of applications extends from simple consumption vouchers at events to the transfer of art objects, cars, or real estate.
The Liechtenstein legislature deliberately formulated the law in a technology-open manner so as not to anticipate future developments terminologically and legally. Representatives from the Federal Ministry of Finance, the Federal Financial Supervisory Authority (BaFin), the Federal Chancellery, the Ministry of Economics, the German Office of Foreign Affairs, the Finance Committee of the German Bundestag, the Bundesbank, the Federation of German Industries (BDI), and private digital associations attended the briefing.