A country which has accomplished the goal of creating a reliable, solid and all-encompassing legal framework for blockchain is Liechtenstein.
And even though the hype for Bitcoin has largely died down, the interest in the blockchain technology just keeps on increasing.
Because of the enormous potential, it may revolutionize the world we are living in. A report by CB Insights states that blockchain will likely transform 50 big industries world such as law enforcement, healthcare and even the way we vote.
This means that it’s not just individuals and corporations which are closely studying blockchain, but governments and nations as well.
What many countries are trying to do is create a positive, trustworthy and reliable environment in which everyone can explore the potential of the blockchain, and develop innovative products and services with it. Another goal which they want to accomplish is to protect citizens and companies from the unknown negative consequences which blockchain technology might give birth to by making sure blockchain does not get used for unethical purposes.
Liechtenstein Blockchain Act: The legal framework the blockchain industry desperately needs
A country which has greatly accomplished the goal of creating a reliable, solid and all-encompassing legal framework for blockchain is Liechtenstein.
Sitting between Switzerland and Austria, with a population of approx. 38000 people, its government has introduced innovative legislation called the ‘Blockchain Act’ on 28 August 2018.
What’s unique about this legislation that it expertly sets the legal groundwork for how blockchain can be used – and it does so without creating obstacles for blockchain innovation. In fact, it wouldn’t be an exaggeration to say that the Blockchain Act might even accelerate blockchain innovation in Liechtenstein.