Successful Implementation Of Blockchain And Digital Assets Requires Laying Essential Foundation - Official
Date
9/11/2024 5:17:46 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 11. The governments
need to pave the way for the successful implementation of
blockchain and digital assets, the deputy director of the
Liechtenstein government's office of financial market innovation,
Angelika Layr, said at a panel discussion on "Innovation as
Culture" at the Chain Reaction 2024 forum, Trend
reports.
“Our challenge is to create such a 'field'. We have to prepare
the ground so that players can play freely on this 'field'. This is
exactly what we did in Liechtenstein when it comes to blockchain
and digital assets in general. First, we thought: What do we need?
The first is regulation, which can be both a boon and a problem at
the same time. We tried not to overload the market with
regulations. We passed a law on blockchain and a law on trusted
service providers in 2020, creating a legal framework and legal
certainty for all participants. The second step was to engage with
the market. We think it's important to talk to the public and
companies because we need to understand technology and innovation
to translate their language into government solutions,” Layr
said.
According to her, the Liechtenstein Office of Financial Market
Innovation and Digitalization directly reports to the Prime
Minister, and they are the main point of contact for startups and
innovative companies.
“This means we can provide you with the support you need. This
is the second element of our innovation structure. The third
element is to have an arbiter on the 'field' when the 'game'
starts. This is where the Financial Markets Supervisory Authority
comes in. We have not only created a point of contact in this
authority, but we have also launched a“regulatory sandbox” with
experts who understand the technology and your needs. The fourth
element is the creation of a legal structure, such as the
Liechtenstein Venture Cooperative, where innovation and ideas can
be embedded in an institutional framework. I believe that such
measures can be taken by governments to support innovation. It is
very important to have a dialog with the community, to get in touch
to better understand new technologies,” the Deputy Director of the
Financial Market Innovation Office of the Liechtenstein Government
added.
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