Liechtenstein is a country few people associate with cryptocurrency. That will come to change in the future, as intriguing things are happening. More specifically, the country made it clear they will loosely regulate cryptocurrencies and blockchain. A positive development for the industry as a whole.

Europe has proven to be an interesting continent when it comes to blockchain regulation. Although the general consensus is in favor of this technology, regulation is still a pressing matter. In Liechtenstein, the government wants to take things slow in this regard. In fact, the country wants to establish itself as a blockchain hub. Doing so will require a regulatory framework which allows for innovation.

Liechtenstein Embraces Blockchain

Over the years, Liechtenstein has become popular among blockchain companies. There is no requirement for opening a local bank account. Additionally, Bank Frick accepts both Bitcoin and Ethereum as a payment method. It is by far one of the most welcoming regions for blockchain and cryptocurrency as of right now. Maintaining this status will require some regulation, but not necessarily a harsh iteration of it.

For now, we have to wait and see what this entails exactly. The local Prime Minister made it clear providing a legal framework is a top priority.  However, it is evident there is no intention to curb innovation in this industry whatsoever. That is a positive sign, although further specifics have yet to be worked out at this stage.

There is also a growing interest in using blockchain for administrative government tasks. It remains unclear if and when such projects will launch in Liechtenstein, though. All of this paints a pretty interesting future for this nascent technology in the country. Smaller European nations are successfully making their mark on the overall ecosystem as we speak. That will undoubtedly lead to a lot more innovation in this industry moving forward.

Header image courtesy of Shutterstock

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.