Distributed Ledger Technology in Liechtenstein Private Law

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Type and Duration

internes Projekt, July 2018 until July 2021 (finished)

Coordinator

Chair of Company, Foundation and Trust Law

Main Research

Wealth Management

Field of Research

Wealth Planning
Knowledge Work and Knowledge Management
Financial Institutions
Digital Innovation

Description

The aim of the research project is to analyse the developments and possible areas of application of the Distributed Ledger Technology (DLT) from a Liechtenstein Private Law perspective and to identify possible legal risks in order to subsequently derive recommendations for practitioners and the legislator. In this context, the current legal framework, as well as legislative initiatives in Liechtenstein and abroad will be observed in order to identify any need for adjustments in the area of private law (eg. ABGB, PGR). Relevant findings derived from foreign legal systems will be subject of a comparative analysis.

Practical Application

Distributed Ledger Technology, and in particular, the Blockchain Technology are currently referred to as technologies with disruptive potential and fields of application for a wide variety of industries. The flourishing "Blockchain Startup Scene" is constantly creating new business models, which is why rapid technological developments can be observed. The legal framework still lags behind these developments, which is why the actors involved face a high level of legal uncertainty. Legal risks thus represent one of the greatest challenges for the further development of the technology. A review of the legal issues from a Liechtenstein Private Law perspective is therefore urgently needed in order to be able to analyse the compatibility with the applicable law and to derive appropriate recommendations de lege ferenda.

Reference to Liechtenstein

The Liechtenstein legislator recognized the need for action in a noteworthy foresight and started work on the so called Law on Trustworthy Technologies (VT) based transaction systems (Blockchain Act, VT-Gesetz ; VTG). A review of the legal issues from the private law perspective de lege lata and de lege ferenda is urgently needed in order to increase legal certainty. Appropriate scientific research will help to address the existing and future legal challenges in good time so that Liechtenstein can best benefit from the new technologies.

Keywords

Private law, comparative law analysis, Foundation Law, Bitcoin, Blockchain

Principal Investigator

Univ.-Prof. Dr. Francesco A. Schurr

Project Manager

Dr. iur. Angelika Layr, BSc, LL.M.

Project Collaborators

Dr.iur. Marco Lettenbichler, LL.M.

Dr. Matthias Marxer, LL.M.

Project Leader

  • Chair of Company, Foundation and Trust Law

Publications

  • Layr, A. (2021). Tokenization of Assets: Security Tokens in Liechtenstein and Switzerland. Milan Law Review, 2(1 (Wiederabdruck)), 45-72.

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  • Layr, A. (2020). Tokenization of Assets: Security Tokens in Liechtenstein and Switzerland. Spektrum des Wirtschaftsrechts, 121-132.

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  • Schurr, F. (2019). Anbahnung, Abschluss und Durchführung von Smart Contracts im Rechtsvergleich. Zeitschrift für Vergleichende Rechtswissenschaft(3), 257-284.

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  • Layr, A., & Marxer, M. (2019). Rechtsnatur und Übertragung von "Token" aus liechtensteinischer Perspektive. Liechtensteinische Juristen-Zeitung(1), 11-19.

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  • Schurr, F., & Layr, A. (2020). Il Fintech nell'ordinamento del Principato del Liechtenstein. In M. Cian & C. Sandei (Eds.), Diritto del Fintech (pp. 583-599). Milano, Italy: Wolters Kluwer.

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  • Layr, A. (2019). Tokenization of Assets: Security Tokens in Liechtenstein and Switzerland. Presented at the Corporate Strategy and Governance in the Digital Age, Università degli Studi di Milano.

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  • Layr, A. (2021, June 21). Emission und Übertragung von "DLT-Wertrechten" im Internationalen Privatrecht Liechtensteins und der Schweiz. Nachwuchswissenschaftler*innen-Tagung: Digitale Innovationen im Zivil- und Gesellschaftsrecht, Universität Liechtenstein, Vaduz.

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  • Schurr, F., & Layr, A. (2019, March 26). Rechtsnatur von "Token" aus liechtensteinischer Perspektive. Blockchain Meets Liechtenstein III, Universität Liechtenstein, Vaduz.

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  • Schurr, F. (2019, October 24). Legal Entities Incorporated to Act as Trustees of Family Trusts: A Comparative Analysis of the Private Trust Company and the Private Trust Foundation. Wealth Management: Selected Issues in Finance, Law and Tax, National University of Singapor.

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  • Schurr, F. (2019, October 21). Liechtenstein's New Blockchain Act from a Comparative Perspective. CFRED’s 8th LegalTech Seminar, The Chinese University of Hong Kong.

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  • Schurr, F. (2019, November 14). Neue Tendenzen im Stiftungsrecht - Rechtsvergleichende Überlegungen am Beispiel von Krypto-Stiftungen und Private Trust Foundations. 12. Liechtensteinischer Stiftungsrechtstag, Universität Liechtenstein, Vaduz.

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  • Layr, A. (2018, November 6). Verfügung über Token - aktuelle zivilrechtliche Fragen. Blockchain Meets Liechtenstein II, Universität Liechtenstein, Vaduz.

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