Successful Implementation Of Blockchain And Digital Assets Requires Laying Essential Foundation - Official

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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