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INNOVATION FRAMEWORK ON
FINANCIAL CENTER LIECHTENSTEIN

Balancing innovative agility and legal certainty

The Liechtenstein Innovation Framework guarantees dynamic, continuous development of the framework and location conditions on the one hand and a high degree of legal certainty for private individuals and companies on the other.

The positive response from companies shows that the framework has proven its worth and has already contributed to an improvement in the economic framework conditions. The dialogue between the government and market participants is important and will be further intensified in the future. In order to continue this success, structures, processes and resources are being strengthened and continuously developed.

Overview
Innovations-Framework

SFID

The Staff Unit for Financial Centre Innovation and Digitalisation (SFID) supports financial service providers and financial market-related companies in their innovation process.

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REGULATORY-LABORATORY

The Regulatory-Laboratory is the FMA’s competence centre for FinTech and blockchain and is responsible for the registration of TT service providers.

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Innovations Club

A bottom-up approach to improving the state framework conditions in the financial centre.

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LVC

A “Liechtenstein Venture Cooperative” is a platform for developing an innovation from the idea to market entry on the basis of the legal form of a small co-operative, which offers legal security for inventors, supporters and investors.

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Office for
Financial Market Innovation and Digitalisation

The SFID serves as a contact point for all topics related to innovation and companies in the financial market environment.

Tasks and Activities
of the SFID

ENTREPRENEUR SERVICE

The SFID is the central point of contact for companies from the financial market environment. It is open to all companies, including those that wish to establish themselves in Liechtenstein and are looking for information on the state and regulatory framework. The SFID coordinates internal administrative clarifications and answers to questions. This is particularly helpful when several authorities, such as the Financial Market Authority, the Tax Administration, the Office of Justice, etc., are involved at the same time.

FURTHER DEVELOPMENT OF THE
GOVERNMENTAL FRAMEWORK CONDITIONS

ON THE ECONOMIC SIDE

Through the innovation clubs, the SFID receives suggestions and proposals for improving the legal/regulatory framework conditions of companies and prepares the basis for decision-making. SFID can take over the project management during implementation.

GOVERNMENT

The SFID takes up suggestions from the authorities for adapting the legal framework to technological developments, develops concepts and supports their implementation.

INTERNATIONAL COOPERATION

The SFID monitors international developments in the area of financial centre innovation and participates in international committees. It also takes on tasks for the further development of the state framework in connection with higher-level regulation.

INNOVATION-LOCATION

Knowledge of new technologies and a deeply rooted culture of innovation are particularly important for the authorities. For this reason, SFID fosters an innovation ecosystem and knowledge exchange between market participants, authorities and the scientific community.

EU Digitization Legal Acts

Since 1 January 2022, the SFID has been responsible for the adoption of European digitalisation legislation. SFID oversees the EU legal acts to be incorporated into the EEA Agreement in the area of digitalisation, represents Liechtenstein in the corresponding EFTA and EU working groups and coordinates the necessary implementation measures in Liechtenstein. In order to fulfil these tasks, SFID works closely with the relevant offices and ministries involved.

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REGULATORY LABORATORY

The government and the Financial Market Authority want to promote innovation in the FinTech sector. They are working on using and shaping regulation in such a way that established financial service providers and new companies can implement their business models in the FinTech sector. The regulatory laboratory was set up at the FMA for this purpose. This is a FinTech competence centre.

Tasks and Competences of the
Regulatory Laboratory

The TVTG Act defines the legal requirements for the provision of services on TT systems. These systems are based on trustworthy technology and enable a variety of economic services, such as blockchain. The FMA is responsible for the registration of TT service providers and their event-driven supervision.

MORE INFORMATIONS AND CONTACT

Contact Point for Companies

The Financial Market Authority is the point of contact for companies in the FinTech sector that cannot be clearly assigned to a supervisory category under the Financial Market Act at the time of registration or authorisation.

Registration of
TT-Service Provider

The Regulatory Laboratory is contact point and in charge of the registration process of the TT-Service Providers.

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Supervision of TT-Service Provider

The Regulatory Lab supervises the TT-Service Provider.

Keep a TT-Service Provider Register

The Regulatory Laboratoy keeps a regsiter of the TT-Service Providers.

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INNOVATION-CLUB

Fast-track for ideas to improve the framework conditions in Liechtenstein. The “Innovation Club” is a state innovation format for optimising the framework conditions for entrepreneurial activity. Individual or several companies can contribute ideas for improving laws, regulations, procedures or official practice.


The aim is a close exchange and cooperation between the market and the authorities to create a future-proof and competitive, strong location for innovative companies, in which the regulatory and legal framework conditions are continuously developed and adapted to changing conditions.

HOW DOES THE INNOVATION CLUB WORK?

The innovation-club is opened informally by submitting an innovation-club idea or concept paper to the SFI. The concept paper should contain: Presentation of the envisaged business model/service/product, the concrete problem in relation to the existing framework and the envisaged solution proposal. 

EVALUATION OF THE CONCEPT

The SFID reviews and evaluates the idea/concept paper and prepares a basis for discussion and decision-making for the relevant ministries or the government.

The government or the relevant ministries examine and decide whether and in what form the idea/concept will be implemented.

IMPLEMENTATION OF THE IDEA

Lead and coordination of the implementation by the SFID or by other agencies.

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