Liechtenstein: A Fintech Overview
Fintech in Liechtenstein 2026: Trends, Developments and Legislative Outlook
Introduction
In 2026, Liechtenstein continues to present itself as a stable yet dynamic environment for the fintech sector. The Principality of Liechtenstein, a constitutional monarchy strategically situated between Austria and Switzerland, benefits from political predictability, close institutional and economic ties to Switzerland and, as a member of the European Economic Area (EEA), access to the EEA and EU market.
Liechtenstein’s monetary union with Switzerland means the Swiss franc is Liechtenstein’s official currency. The stability of the Swiss franc, combined with a flexible corporate law environment, offers fintech companies an extremely favourable environment for cross-border financial services and the introduction of innovative fintech business models.
Trends and developments in Liechtenstein’s fintech sector
Liechtenstein was among the first jurisdictions in Europe to introduce a comprehensive legal framework for blockchain-based business models with the Token and Trusted Technology Service Provider Act (TVTG), commonly referred to as the “Blockchain Act”. This framework has, since 2020, provided crypto-asset service providers (CASPs) with a legally certain environment in which to operate.
This early regulation, and the resulting legal certainty it created, attracted numerous start-ups from the crypto space to the country. By 2026, however, the sector will have evolved significantly: instead of small, experimental ventures, the market is increasingly shaped by institutional players seeking to offer not only traditional financial services but also services related to crypto-assets.
This development continues to be supported by both the government and the Liechtenstein Financial Market Authority (FMA), which remain committed to pursuing an innovation-oriented regulatory policy. Dedicated bodies such as the Office for Financial Market Innovation and the FMA’s regulatory laboratory provide for direct engagement and ongoing dialogue with market participants.
New digital asset banks and payment institutions
Further, the country has seen the entrance of new specialised banks focusing on digital assets and fintech services. For instance, in 2024, the Swiss crypto bank Sygnum obtained a licence for its Liechtenstein subsidiary, allowing it to offer regulated digital asset brokerage, custody and B2B banking services. Additionally, Liechtenstein approved its first new banking licence in a decade when Banking Circle (a global B2B payments bank) commenced operations in April 2025. In September 2025, the FMA granted a banking licence in principle to a new Liechtenstein-based bank specialising in digital assets.
Additionally, Liechtenstein has seen a rise in fintech companies developing advanced layer-one blockchain infrastructure, enhancing the foundation for secure integration and application of blockchain technologies across financial services. Liechtenstein also hosts a growing number of charitable crypto foundations. These organisations are dedicated to promoting and supporting blockchain technology, Web3 initiatives and other pioneering technologies, sustainably and over the long term.
Tokenisation of assets
Projects are emerging in the asset-tokenisation space, in particular enabling fractional ownership of traditionally illiquid assets such as real estate and private equity.
Latest legislation affecting the fintech sector
Markets in crypto-assets regulation (MiCAR)
The most important recent legislative development for Liechtenstein’s fintech sector is the full application of MiCAR. While the TVTG provided an early domestic framework, MiCAR now introduces uniform standards across the EU and EEA for the issuance and public offering of crypto-assets, the admission of such assets to trading and the licensing of certain service providers (CASPs). Liechtenstein has adapted to this change early on and transposed MiCAR into national law through the EEA-MiCA Implementation Act (EWR-MiCA-DG), even before the regulation became applicable across the wider EEA.
On 24 June 2025, MiCAR was formally incorporated into the EEA Agreement. This means that MiCAR is now directly applicable throughout the entire EEA, enabling full passporting rights into all EU and EEA member states.
Despite MiCAR’s entry into force, the TVTG remains applicable in Liechtenstein. The country’s legal architecture is thus defined by a dual regime: MiCAR governs activities harmonised at the EU/EEA level, while the TVTG continues to apply in areas outside MiCAR’s scope, such as non-fungible tokens (NFTs) and the civil law aspects of tokens. Crucially, MiCAR leaves the questions of property, transfer and enforceability of rights in crypto-assets to national legislators. Liechtenstein, however, had already addressed these issues comprehensively under the TVTG, providing legal certainty in matters of ownership and transfer of crypto-assets. As a result, Liechtenstein continues to enjoy a distinct regulatory advantage within the European market.
Digital Operational Resilience Act (DORA)
DORA aims at strengthening the information and communication technology (ICT) security of financial entities and making sure that the financial sector in Europe is able to stay resilient in the event of severe operational digital disruption. DORA brings harmonisation of the rules relating to digital operational resilience for the financial sector. The Act of 5 December 2024 implementing Regulation 2022/2554 (LGBl 2025.121) entered into force on 1 February 2025. This law transposes DORA’s requirements into Liechtenstein law.
Outlook
The next regulatory development in Liechtenstein is expected to come with the Payment Services Directive III (“PSD III”) and Payment Services Regulation (PSR). PSD III is currently in the final stages of the EU legislative process, with its entry into force anticipated around mid-2026. As a directive, PSD III focuses on the authorisation and operational aspects of payment service providers. Payment and e-money institutions will now be merged into a single category, and non-banks will be granted access to payment systems.
Besides that, Liechtenstein, as an EEA member state, will also implement the Digital Services Act (DSA; Regulation EU 2022/2065). Under the DSA, the EU legislator has introduced new liability rules and specific due diligence obligations for online intermediary services. The addressees include not only social media platforms and online search engines but also web shops, hosting services and providers of so-called coaching services. The DSA aims to hold these providers accountable in order to fight against the dissemination of harmful or illegal content in the online environment. The exact requirements and obligations vary depending on the type and size of the online intermediary service. However, providers with fewer than 50 employees or an annual turnover of less than EUR10 million are generally exempt from these obligations. Currently, the DSA is still in the process of being incorporated into the EEA Agreement.
As a member of the EEA, Liechtenstein will also implement the new Anti-Money Laundering Package (the “AML Package”). The AML Package was adopted by the Council of the European Union in May 2024 and published in the Official Journal of the European Union on 19 June 2024. In addition to harmonising anti-money laundering regulations across the EU and EEA, the AML Package establishes a European Anti-Money Laundering Authority (AMLA), which is headquartered in Frankfurt am Main. Full implementation and applicability of the AML Package in Liechtenstein is anticipated by mid-2027.