In its meeting on 5 November 2024, the Government adopted its statement on the enactment of a Law implementing Regulation (EU) 2023/1114 on markets in crypto-assets and amending other laws. It also adopted amendments to the Due Diligence Act implementing Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets.

In its meeting on 3 October 2024, the Liechtenstein Parliament discussed the proposed legislation in its first reading. There was no objection to consideration of the proposal, and the proposal was welcomed in principle. No questions were raised concerning the legislative amendments. In view of the second reading, the Government is proposing amendments to the Law implementing Regulation (EU) 2023/1114 on markets in crypto-assets (EWR-MiCA-DG), the Token and TT Service Provider Act (TVTG), the Financial Market Authority Act (FMAG), the Banking Act (BankG), and the Due Diligence Act (SPG).

The main amendments to the EWR-MiCA-DG, the Banking Act, and the Due Diligence Act include a provision for the advance implementation of Regulations (EU) 2023/1113 (Funds Transfer Regulation) and (EU) 2023/1114 (MiCA). The reason for this approach is that the binding incorporation of the legal act into the EEA Agreement cannot be guaranteed by 1 February 2025. The EWR-MiCA-DG also makes the reporting obligations more application-friendly and undertakes two formal changes.

The TVTG will also be amended with regard to approval and reporting obligations: The approval obligations are to be abolished, leaving only reporting obligations to the FMA. In the FMAG, the wording of the fee rule set out in Annex 1 Section Inonies(1)(h) is to be supplemented. An additional fee rule for reviewing applicability of Article 16(2) MiCAR by the FMA is also to be included.

Parliament is expected to hold a second reading on the proposed amendments in December.

The Law implementing Regulation (EU) 2023/1114 on markets in crypto-assets and amending other laws is scheduled to enter into force on 1 February 2025. The same applies to the amendments to the Due Diligence Act implementing Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets.

The statement adopted by the Government answers the questions raised during the first reading[JH1] , insofar as they were not already conclusively answered by the Government during the parliamentary debate. The statement can be obtained from the Government Chancellery or via www.rk.llv.li (Statements).

 [JH1]Unklar, wie dies vereinbar ist mit “Zu den Vorlagen wurden keine Fragen aufgeworfen” oben (Landtagsprotokoll auch noch nicht genehmigt)
 [JH2]unklar, wo dieser Link zu finden ist, und ob es eine englische Übersetzung gibt; die Übersetzungen von “Berichte und Anträge” sowie von “Stellungnahmen” im englischen Portal sind überdies uneinheitlich
 [RP3]