Europe · LI
Liechtenstein
Liechtenstein's Financial Market Authority supervises banking, payments, investment and token-based services, with EEA passporting for financial licences.
At a glance
- Status
- EEA member state, outside the EU
- Region
- Europe
- Regulated sectors
- PaymentsCryptoInvestment
- Authorities
- FMA · FIU
- Licensing routes
- 3
Overview
The framework
Liechtenstein is a member of the European Economic Area but not of the EU. EEA membership means that EU financial services legislation applies, including the passporting of licences across the EEA.
Liechtenstein was an early mover in blockchain regulation: its Token and Trusted Technology Service Provider Act (TVTG) introduced a registration framework for token-based services, supervised by the Financial Market Authority (FMA).
Authorities
Who regulates what
- Financial Market Authority (FMA)
- Banks, investment firms, payment and e-money institutions, insurers and registered token service providers.
- Financial Intelligence Unit (FIU)
- Suspicious transaction reporting and AML/CFT analysis.
Regimes
Licensing routes
TT service provider registration (TVTG)
Registration for token issuers, custodians and other trusted technology service providers.
Sectors: Crypto
Payment / e-money institution
FMA authorisation, passportable across the EEA.
Sectors: Payments
Investment firm and asset management
FMA authorisation for investment services and asset management, passportable across the EEA.
Sectors: Investment
Applications and regulator engagement for these routes are handled by our Regulatory & Licensing practice.
Considerations
What to weigh up
- EEA passporting applies to financial licences.
- EU legislation applies through incorporation into the EEA Agreement, which can affect timing.
This overview is general information, summarised at a high level. Requirements change and depend on the specific activity; seek advice on your circumstances before acting.
Industries
Relevant industries
- Fintech & PaymentsPayment and e-money institutions, PSPs and acquirers, payment facilitators and embedded finance.
- Crypto & Digital AssetsCASPs and VASPs, exchanges, custodians, wallets, token projects and crypto payments.
- Forex & InvestmentsForex and CFD brokers, investment firms, trading and investment platforms.
Across jurisdictions
Cross-jurisdiction capabilities
Services we support across the jurisdictions in our directory, described once on their own pages. How each is delivered depends on the local requirements that apply; where local qualification is required, we coordinate locally qualified counsel.
- Privacy & Data ProtectionPrivacy compliance and GDPR programmes, notices and DPAs, DPIAs, data mapping and ROPA, transfers, audits and breach response.
- AML & Financial Crime ComplianceAML/CFT programmes, MLRO-as-a-Service, independent AML/CFT audits, risk assessments, monitoring, sanctions and inspection support.
- IP Registration & ProtectionTrademark and patent registration and protection, copyright protection, domain name disputes, portfolio support and IP agreements.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions for banks, partners and investors.
- Bank Account OpeningSupport with corporate and operational accounts at banks and EMIs, prepared for how their compliance teams assess high-risk businesses.
- Merchant Account / Acquiring SetupSupport with merchant account applications and acquiring setup at acquirers and PSPs, including for high-risk merchant categories.
Support
How we support businesses in Liechtenstein
- Regulatory & Licensing01Strategy, applications and regulator engagement for the payments, crypto and investment routes listed above.
- Corporate Structuring02Group architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory Strategy10Market prioritisation, regulatory roadmaps and launch readiness for businesses expanding into new jurisdictions.
Discuss your matter with a senior advisor.
Share a few details about your business and plans. We will come back to arrange a confidential initial conversation.