Law on Tokens and TT Service Providers (Token and TT Service Provider Act; TVTG) Draft

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Unofficial English translation of draft of the "Blockchain Act" (uploaded during June 2019) which was passed by Parliament on October 3, 2019 and entering in force on January 1, 2020 which regulates activities enabled by blockchains, distributed ledger technologies (DLTs).

Law on Tokens and TT Service Providers (Token and TT Service Provider Act; TVTG)

1) This law establishes the legal framework for all transaction systems based on Trustworthy Technology and in particular governs: a) The basis in terms of civil law with regard to Tokens and the representation of rights through Tokens and their transfer; b) The supervision and rights and obligations of TT Service Providers.

2) It aims: a) to ensure trust in digital legal communication; in particular, in the financial and economic sector, and the protection of users in TT Systems; b) to create an excellent, innovation-friendly, and technology-neutral framework for rendering services rendered on or concerning TT Systems.

Disclaimer. English is not an official language of the Principality of Liechtenstein. This translation is provided for information purposes only and has no legal force. This translation has been compiled with the utmost care. However, the Government of Liechtenstein cannot accept any liability for inaccurate translations. Please note that this Act is only in draft version and currently in the parliamentary process.

 

 

Document Details

Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2018
Date of Document: 
Thursday, October 3, 2019
Document Authors: 
Office for Financial Market Innovation
Language (This Document): 
English

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