Liechtenstein’s Parliament has unanimously passed the Token and TT Service Provider (TVTG) Act, ushering in a new era of crypto regulation in the small but wealthy European principality.

The act is set to come into effect on January 1st, 2020 and will regulate civil law issues to protect clients and assets, as well as provide supervision of service providers in the token economy, according to a Liechtenstein government press release. The law will also subject service providers to standard financial anti-money laundering and terrorist financing regulations.

Says Liechtenstein Prime Minister Adrian Hasler,

“With the TVTG, an essential element of the government’s financial market strategy will be implemented and Liechtenstein will be positioned as an innovative and legally secure location for providers in the token economy.”

Members of the country’s local crypto community have praised the government for blazing a trail on regulation.

Says Mauro Casellini, CEO of Bitcoin Suisse (Liechtenstein) AG, to BTC Echo,

“The positive decision without dissent from the Liechtenstein government shows the importance of the ‘Blockchain Act’.

The TVTG not only creates legal certainty for all market participants, but also heralds a new era, the token economy. With its pioneering role, Liechtenstein proves once again that it is the ideal location for fintech and blockchain companies and thus for us too, in the heart of Europe.”

It’s not the first pro-crypto development to happen in Liechtenstein.

In February, the country’s postal service announced plans to offer cryptocurrency exchange services at its physical locations.

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