Liechtenstein’s MiCAR Licensing Regime

• Liechtenstein has embedded the EU Markets in Crypto‑Assets Regulation (MiCAR) into national law through the EEA‑MiCA‑Implementation Act (“EWR‑MiCA‑DG”). The Act designates the Financial Market Authority (FMA) as the sole competent authority and empowers it to license, supervise and, where necessary, withdraw authorisations.

• Regulated activities are:

  • public offering or admission to trading of asset‑referenced tokens (ARTs) – reserved to credit institutions or other duly authorised issuers;

  • public offering or admission to trading of e‑money tokens (EMTs) – reserved to credit‑ or e‑money‑institutions;

  • public offering of other crypto‑assets (“Title II tokens”) – possible without prior authorisation if the disclosure rules in MiCAR are met;

  • provision of any of the ten defined crypto‑asset services (custody, trading‑platform operation, fiat/crypto exchange, crypto/crypto exchange, order execution, placement, order reception/transmission, advice, portfolio management, transfer services) – reserved to licensed crypto‑asset service providers (CASPs) or certain already‑regulated financial entities.

The submission must demonstrate ex‑ante that every MiCAR requirement is met. At a minimum the file must contain:

• Corporate and ownership information – legal form, registered office in Liechtenstein, detailed beneficial‑ownership structure and source of funds. 

• Programme of operations & business plan – description of each crypto‑asset service, target markets, client categories, revenue assumptions and three‑year financial projections.

• Prudential resources – evidence that initial own funds and ongoing capital buffers specified in MiCAR will be held; any expected shortfall must be reported immediately once foreseen.

• Governance & internal control framework – fit‑and‑proper management, local mind‑and‑management, board charters, risk‑management, compliance, AML/CFT, complaints‑handling, IT security, outsourcing register.

• Safeguarding and asset‑segregation arrangements, including wallet architecture and key‑management controls.

• External auditor appointment – the firm must name an audit company recognised by the FMA; the engagement letter must cover an annual MiCAR compliance audit.

• Policies & procedures – business continuity, conflict‑of‑interest, disclosure to clients, order‑handling, market‑abuse monitoring, record‑keeping, data protection.

• Annual reporting: audited financial statements and management report to be filed within four months of year‑end; additional statistical and supervisory reports as requested by the FMA.

• Continuous audit: yearly MiCAR compliance audit by the recognised auditor; audit findings must be delivered to both board and FMA within six months of year‑end.

• Change control: prior FMA approval for any change of auditor; prior notification for amendments to statutes, capital, organisation, seat or significant outsourcing; immediate notice of any capital‑adequacy shortfall or insolvency events.

• Fees: ongoing supervisory levies and cost‑recovery fees are charged under the Financial‑Market‑Supervision Act.

• Confidentiality: management and staff are bound by an open‑ended professional secrecy duty; statutory exceptions apply only to courts, prosecutors, the FIU and supervisory bodies.