Governments should pave the way for the successful implementation of blockchain and digital assets, according to Angelika Layr, Deputy Director of the Office of Financial Innovation in the Liechtenstein government, Report informs.
Speaking at the Chain Reaction 2024 forum's panel discussion themed "Innovations as a Culture," Layr emphasized, "Our task is to create such a 'playground'. We must lay the foundation of a place where players can freely engage and innovate. In Liechtenstein, we have done precisely that when it comes to blockchain and digital assets as a whole."
The official outlined the approach taken by Liechtenstein, which began with identifying the necessary components for success. The first step was regulation, which can either facilitate growth or create obstacles.
"We aimed to avoid overburdening the market with excessive rules. In 2020, we passed the Blockchain and Trusted Service Providers Act, establishing a legal framework and certainty for all participants," she explained.
The second step involved engaging with the market. Layr highlighted the importance of open dialogue with the public and companies to understand the technologies and innovations at play. This understanding is crucial for aligning government decisions with the evolving landscape.