Liechtenstein's FinTech At The Frontier

Legal framework in Liechtenstein

Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCAR) has been fully applicable in the EU since 30 December 2024. Its objective is to create a harmonised legal framework for companies that are active on a primary or secondary market in relation to crypto-assets.

Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCAR) was incorporated into the Agreement on the European Economic Area on 24 June 2025. From that date, the Regulation has been directly applicable in Liechtenstein under international law. This point in time is relevant because authorisations granted under MiCAR give rise to rights of cross-border activity under the law of the Contracting Parties. During the lengthy incorporation process, practice operated with transitional arrangements where this was required by the structure of MiCAR. Only the text incorporated into EEA law is authoritative.