FMA: Prospectus for Security Token

ICO, TGE, Security Token, FMA, Liechtenstein

On 30 August 2018, the Liechtenstein Financial Market Authority (FMA) approved for the first time a prospectus for an Initial Coin Offering (ICO) or Token Generating Event (TGE) of a "Security Token". According to our information, this is the first officially approved public offer of security tokens in Europe. The successfully completed project is an example of the cooperation between MME and our Blockchain partner firm Nägele Rechtsanwälte, Vaduz. Both companies jointly advise DLT projects in Switzerland and Liechtenstein.

This has enabled us to take a first step towards establishing blockchain-based business models in the European financial market. Liechtenstein plays a decisive role in this.

Liechtenstein's advantages are, in particular, its proactive approach, its excellent communication with the FMA, and, in particular, its connection to the European market through Liechtenstein's EEA membership.

This enables so-called notification, i.e. passporting, of prospectuses or financial institutions into the EEA and EU area.

In addition, the so-called "Blockchaingesetz" (law on trustworthy technologies) is currently being consulted. Liechtenstein is taking on a pioneering legislative role in creating a meaningful and sustainable regulatory framework for new technologies in the field of FinTech and ultimately ensuring legal certainty for entrepreneurs, investors, and financial intermediaries. 

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  • Alexandra Geiger,

    Stefan Keller

    Kryptowährungen in der Nachlassplanung und- abwicklung


  • Thomas Linder

    Die Versteuerung digitaler Vermögenswerte


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