Liechtenstein was the first jurisdiction in the world to pass a comprehensive law on tokenization. When the Token and Trustworthy Technology Service Provider Act (TVTG) became law on 1 January 2020, it became possible for issuers to tokenize any asset that exists in the physical world - from real estate, through precious metals and collectibles, to securities such as equities and bonds – with the comfort of legal certainty. 

Dr Thomas Dünser, director of the office of financial innovation of the Government of Liechtenstein and a member of the Supervisory Board of the BFG Blockchain Founders Group in the principality, told Dominic Hobson how intermediaries, issuers and investors are using the law to make a reality of the coming “token economy.”

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