Research Report
Blockchain Legislation and Policy Trends in Europe - Focusing on Germany, Switzerland and Liechtenstein -
Ⅰ. Backgrounds and Purposes
▶ This study was conducted to grasp the normative meaning of technology and policy reality on the blockchain that is at the center of change in a hyper-connected society
▶ Global legal research was conducted to establish a policy and legal foundation for blockchain based technology
▶ The current regulations and policy trends of blockchains in Germany, Switzerland and Liechtenstein were reviewed on the basis of the EU’s policy, and implications for our legislation were suggested through its relevant institutional analysis
Ⅱ. Major Content
▶ Current Regulations and Trend of Legislative Policy on Blockchain in Germany
○ Although Germany did not have a clear position on legislation or legislative improvements on the demand of the FinTech Committee, the transition to practical and phased implementation was announced in September 2019 by a systematic federal strategy on the blockchain.
○ It was evaluated that it maintained a neutral attitude toward the development of the blockchain industry and cryptocurrency, or responded somewhat passively to the normation such as legislation.
▶ Current Regulations and Trend of Legislative Policy on Blockchain in Switzerland
○ Switzerland has a strong national interest in decentralized ledger technology and blockchain, and is actively responding in the Canton area with friendly support from the government.
○ Based on the trust in Swiss legislation to respond to new technologies, the law is applied in the view of technology-neutral and competitive-neutral as possible, and legislative adjustments are made especially when necessary in the financial sector.
▶ Current Regulations and Trend of Legislative Policy on Blockchain in Liechtenstein
○ The so-called Blockchain Act, a law on transaction service providers based on tokens and trust technologies, created by Liechtenstein, is the first comprehensive law on digital ledger technology and crypto tokens.
○ The Liechtenstein government expects that new regulations will create an appropriate environment to address the risks that may arise and promote the development of the token economy with regulatory clarity.
Ⅲ. Expected Effects
○ Introducing legislative policies and trends related to blockchain in Europe and suggesting implications to use as a basis for future legislative policy on blockchain technology.
○ The regulation of blockchains in Germany, Switzerland and Liechtenstein contributes to the establishment of a legal system in line with international trends.
○ International trends and comparative research on blockchain can stimulate related social discussions and secure social acceptance of industries using blockchain-based technology.