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Blockchain Laws Liechtenstein (unofficial translation)

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The Government of Liechtenstein announced a set of new laws, "The Blockchain Act", to the public on 21 June 2018. 
The event was held at the University of Liechtenstein with more than 300 people attending.
Adrian Hasler, the Prime Minister of Liechtenstein, explained the importance of the new Blockchain Laws in his opening speech. Furthermore he pointed out, that the Principally of Liechtenstein understands the opportunities of blockchain technologies and wants to support the blockchain industry as a whole.
The government initiated a working group 1.5 years ago with the goal to develop and prepare the new Blockchain Laws.
Dr. Thomas Dünser, Head of the Blockchain working group at the Ministry of General Government Affairs and Finance, was presenting a summary of the key elements of the Blockchain Act.
This is an unofficial translation of his presentation.

To learn more about Crypto Nation 
visit www.Crypto-Nation.co

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Blockchain Laws Liechtenstein (unofficial translation)

  1. 1. KEY ELEMENTS OF 
 THE “BLOCKCHAIN ACT” UNOFFICIAL TRANSLATION OF THE PRESENTATION BY DR. THOMAS DÜNSER, MINISTRY OF GENERAL GOVERNMENT AFFAIRS AND FINANCE 
 PRINCIPALLY OF LIECHTENSTEIN JUNE 21, 2018 - VADUZ LIECHTENSTEIN ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  2. 2. THE BLOCKCHAIN ACT - LIECHTENSTEIN ANNOUNCEMENT OF THE BLOCKCHAIN ACT ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co ::: • The Government of Liechtenstein announced a set of new laws to the public on 21 June 2018. 
 The event was held at the University of Liechtenstein with more than 300 people attending. • Adrian Hasler, the Prime Minister of Liechtenstein, explained the importance of the new Blockchain Laws in his opening speech. Furthermore he pointed out, that the Principally of Liechtenstein understands the opportunities of blockchain technologies and wants to support the blockchain industry as a whole. • The government initiated a working group 1.5 years ago with the goal to develop and prepare the new Blockchain Laws. • Dr. Thomas Dünser, Head of the Blockchain working group at the Ministry of General Government Affairs and Finance, was presenting a summary of the key elements of the Blockchain Act. • This is an unofficial translation of his presentation. • To learn more about Crypto Nation 
 visit www.Crypto-Nation.co
  3. 3. THE BLOCKCHAIN ACT - LIECHTENSTEIN TOKEN ECONOMY ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co ::: Cryptocurrency (e.g. Bitcoin) Natural Persons Financial 
 Transactions <Objects> <Persons> <Services> • Raw Materials, Metals • Real Estate • Art • Cars • Used Objects • Stocks • Contracts • Copyrights • etc. • Companies • Funds • Machines • Trade • Registry • Exchanges • Asset management • Financing • Contract management • Supply Chain • Insurance
  4. 4. THE BLOCKCHAIN ACT - LIECHTENSTEIN TOKEN ECONOMY IN THE BLOCKCHAIN LAWS ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co ::: Embodiment 
 of Rights Cryptoassets Cryptocurrency
  5. 5. THE BLOCKCHAIN ACT - LIECHTENSTEIN TOKEN ECONOMY IN THE BLOCKCHAIN LAWS ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co ::: Embodiment 
 of Rights Security Licensing law music Stationary coupon Guarantee rights Right of obtaining CHF Ownership (Nothing)
  6. 6. ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co ::: Questions: • <Ownership> of the token? • Relation between <Owner> and <Right> • Rights of the <Owner> • Legal effect of a transaction <Blockchain> INTEGRATION IN <<BLOCKCHAIN>> Assignment Transaction Embodiment THE BLOCKCHAIN ACT - LIECHTENSTEIN Right
  7. 7. COMPARISON TO THE FINANCIAL MARKET Bank Cooperation Treaties Cooperation Treaties Specific Legal Fundamentals Blockchain Terms (AGB) Terms (AGB) THE BLOCKCHAIN ACT - LIECHTENSTEIN Bank Stock Market ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  8. 8. REASON FOR THE OWN LAW THE BLOCKCHAIN ACT - LIECHTENSTEIN • Blockchain: public accessible transaction system without responsible mediator • Analogy to the internet (TCP/IP) • Integrity is ensured through the technology • <Banks are safe, banking software is not> ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  9. 9. TERM <BLOCKCHAIN> THE BLOCKCHAIN ACT - LIECHTENSTEIN Connecting factor of a <Blockchain> law: • Blockchain? • Decentralized ledger (DLT)? • Cryptography? • Transaction system without a mediator? ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  10. 10. TRUSTWORTHY TECHNOLOGIES THE BLOCKCHAIN ACT - LIECHTENSTEIN • Transaction systems, which offer a safe transaction and a safe storage of digital embodiments of rights as well as service delivery via reliable technologies based on these systems. • Reliable technologies are technologies, which ensure the integrity of the token, the clear assignment to the controlling owner as well as the provision without an operator. • These technologies replace the function of an operator who is responsible for the quality and the integrity. ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  11. 11. BLOCKCHAIN-SYSTEMS AS BASE INFRASTRUCTURE General business processes Financial services BC-Transaction system Disposal of digital rights Transformation into the BC-SYSTEM THE BLOCKCHAIN ACT - LIECHTENSTEIN ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  12. 12. IMPLEMENTATION <CONTROL OF TOKEN> THE BLOCKCHAIN ACT - LIECHTENSTEIN • <Power of control and disposition of the token> • Requirements, irrevocability and finality • Legitimation • Purchasing in good faith • Contradiction and segregation • Use of the Liechtenstein Blockchain Laws on international level ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  13. 13. MEANING Transactions Custody Asset management Insurance Fund Mortgage business Music rights • Money • Securities • Asset rights • Estate rights • License rights • Usage rights THE BLOCKCHAIN ACT - LIECHTENSTEIN Right Services based on the disposition of the token Possibility for a standardization ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  14. 14. ILLUSTRATION Stock Demand Estate Automobile Article of value Patent Stock Wallet Administrative law Property law Lien Asset management Bank THE BLOCKCHAIN ACT - LIECHTENSTEIN ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  15. 15. DELEGATIONS <Right> Public address Private key <Right> Public address Private key <Right> Public address Private key Model: Directly through authorized person Model: custody services of private keys Model: custody services of token <Service provider> <Service provider> THE BLOCKCHAIN ACT - LIECHTENSTEIN ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  16. 16. LEGAL SAFETY OF THE DELEGATION IN THE CUSTODY OF PRIVATE KEYS THE BLOCKCHAIN ACT - LIECHTENSTEIN • Legal differentiation of <Owner>, <Proprietor>, <Respresentative> • Bankruptcy regulation: Segregation of private keys • Activity of the custodian will be monitored ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  17. 17. CUSTODY OF TOKEN Public address Private key Service provider <Customer> Assignment through internal database THE BLOCKCHAIN ACT - LIECHTENSTEIN ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  18. 18. LEGAL SAFETY OF THE CUSTODY TRANSFER OF TOKEN THE BLOCKCHAIN ACT - LIECHTENSTEIN • Legal differentiation of <Owner>, <Proprietor>, <Respresentative> • Bankruptcy regulation: Trusted token are separate assets • Activity will be monitored (only executable with the license of the BankG or TrHG) ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  19. 19. LEGAL ENFORCEMENT ON THINGS Lien Validator THE BLOCKCHAIN ACT - LIECHTENSTEIN ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  20. 20. TOKEN EMISSION THE BLOCKCHAIN ACT - LIECHTENSTEIN • Token emission: Public offers of token • Not only cryptocurrenices, but all sorts of token • Control of token issuer • Publication of basic information • Exceptional rules ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  21. 21. NATIONAL SUPERVISION THE BLOCKCHAIN ACT - LIECHTENSTEIN • Confidence in service providers is essential • Formulation of general requirements of service provider in the token economy • Monitoring by the nation creates efficiency • <Quality-Label> • Cooperation with financial service providers ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  22. 22. GOALS OF THE LAW THE BLOCKCHAIN ACT - LIECHTENSTEIN • Protection of the user • Protection of the service provider • Protection of the trust in the digital legal regulations and the development of the token economy ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  23. 23. SUMMARY THE BLOCKCHAIN ACT - LIECHTENSTEIN The law includes i.a.: • Legal definition of the most important elements of the token economy • Token basic model as base for the <Token-Economy> • Establishing legal security for token buyers • Bankruptcy regulations • Minimum standards for centralized service provider • Minimum standards for token sales, token emissions (Basic information) • Treatments and regulations of the national supervision ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  24. 24. TIME SCHEDULE THE BLOCKCHAIN ACT - LIECHTENSTEIN Start consultation: Summer 2018 Estimated legal validity: Summer 2019 ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  25. 25. THANK YOU THE BLOCKCHAIN ACT - LIECHTENSTEIN ::: Unofficial Translation by Crypto Nation Liechtenstein ::: join@crypto-nation.co ::: www.Crypto-Nation.co :::
  26. 26. Contact us join@crypto-nation.co

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