Regulierung vertrauenswürdiger Technologien in Liechtenstein (VTG-Kommentar)

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Type and Duration

FFF-Förderprojekt, May 2019 until December 2020


Chair for Banking and Financial Market Law

Main Research

Wealth Management

Field of Research



In the absence of European regulatory requirements, the Liechtenstein Act on Trusted Technologies (in short, VTG) is one of the first national legislative proposals for the regulation of innovative technologies, in particular for distributed ledger technologies. The VTG comprises a number of regulatory provisions. In addition, a special civil-law transfer order will be established to create a legally secure framework for the sale of assets and receivables via "tokens". To this extent, "tokens" represent the digital "embodiment of rights". The VTG creates both a basis for the transfer of "digitized rights" via distributed ledger technologies and a
regulatory standard work for the activities of service providers licensed under the VTG. In this regard, the Act covers the licensing and approval requirements which these service providers in Liechtenstein must fulfil in the future, following the models of the Business Act and financial market acts.

The law is expected to be passed at the end of 2019. A large number of legal issues, in particular concerning the service provider models provided for in the VTG, the supervisory structure or the classification of "tokens", which could so far only be discussed theoretically, will then have to be resolved in practice.
In order to facilitate the handling of this new matter, practitioners will be provided with a commentary published shortly after the adoption of the Act. In the course of this, the newly issued provisions of the VTG are to be discussed in detail from an EEA law, a public law and a civil law perspective. The aim is to provide a standard work on how to cope with this new regulation for the Liechtenstein market and, at the same time, to further promote European legal developments.


Act on Trusted Technologies, Token, Digitalization and Law, Blockchain Act, Regulation of Innovative Technologies


  • Forschungsförderungsfonds der Universität Liechtenstein


  • Raschauer, N., & Silbernagl, R. (2020). Grundsatzfragen des liechtensteinischen "Blockchain-Gesetzes" - TVTG. Zeitschrift für Finanzmarktrecht (ZFR)(1), 11-18.

  • Dworschak, M. (2019, 29.Januar). Datenschutz vs Blockchain. Forschungsaustausch Institut für Wirtschaftsrecht, Bezau (AT).

  • Dworschak, M. (2019, 14. Juni). E-Privacy-Verordnung - Datenschutz 2.0 ?. Forschungs-Workshop Institut für Wirtschaftsrecht, Weesen (CH).

  • Raschauer, N. (2019, 21. Oktober). Fundamental Issues of the TTTL. CFRED’s 8th LegalTech Seminar - Liechtenstein´s New Blockchain Act from a Comparative Perspective, Chinese University of Hongkong.

  • Raschauer, N. (2019, 24. Oktober). Liechtensteins New Blockchain Act. Wealth Management: Selected Issues in Finance, Law and Tax, National University of Singapore.