Balancing innovative Agility and legal Certainty
The Liechtenstein innovation framework ensures, on the one hand, a dynamic, continuous development of the framework and location conditions and, on the other hand, a high degree of legal certainty for private individuals and companies.
To this end, the government offers various contact points (e.g. the Office for Financial Market Innovation and the Regulatory Laboratory at the Financial Market Authority), formats (innovation clubs and LVC), attractive framework conditions (e.g. flexible and partly unique legal forms such as the PCC, Liechtenstein foundation) and opportunities.
Already before market entry, many essential parameters are evaluated and defined during the regulatory review and business model design. With an early dialogue with the authorities, these parameters can be defined at the beginning in such a way that the business model is not jeopardized in the approval process. The SFI acts as a central point of contact in this phase and coordinates the inquiries with the respective authorities. If the existing framework conditions do not fit, the SFI provides a streamlined process for introducing ideas for improvement with the innovation-clubs. It also assists founders with questions about the LVC.
For innovative business models, the classification in financial market regulation can be complex. The Regulatory Laboratory of the FMA Liechtenstein is the point of contact for innovative companies in these licensing and registration issues and clarifications regarding the applicability of financial market regulation and the TVTG.
For companies in the blockchain space, the Regulatory Laboratory also acts as the registration authority.
The FMA’s specialist divisions are responsible for the market approval of companies that fall under the financial market laws.
If a commercially active enterprise does not fall under the scope of the Financial Market Acts or the TVTG, it must apply to the Office of Economic Affairs for a business license.
The SFI supports companies in this process by providing clarifications if necessary. It also takes up ideas for improving the framework conditions (innovation-clubs).
During operations, the companies are supervised by the competent authorities.
Companies that do not require a financial market license or TVTG registration have the opportunity for regular exchange with SFI on regulatory developments during operations in order to achieve a high degree of legal certainty.
The SFI takes up ideas for improving the regulatory framework via the innovation-clubs.
The Office for Financial Market Innovation (SFI) supports financial service providers or financial market-related companies in their innovation process.
The Regulatory Laboratory is the FMA’s competence center for FinTech and blockchain and registration authorities for TT service providers