Switzerland and Liechtenstein improve their crypto friendly regulations to favour STOs

The regulatory hurdles to equity tokenization


The Swiss Solution

The German Complication

The far sighted Liechtenstein approach

  • an explanation of the pre-existing provision within the PGR which has allowed for the existence of dematerialized shares for almost 100 years;
  • the format of the register which will hold uncertificated rights is not defined by law but “Trusted Technologies” expressly include DLTs;
  • in case DLTs are used, the transfer of uncertificated rights is only valid when done on the DLT; this excludes — by law — the potential conflict between a “real world” pledge or assignment of the uncertificated rights outside the blockchain and the blockchain based transfer of the token representing such rights;
  • anyone acquiring uncertificated rights on the blockchain shall be protected, even if the seller did not own the underlying “real world” rights;
  • the debtor making payments to a creditor entered into the DLT based register is liberated from their obligations.



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Andrea Bianconi

Andrea Bianconi


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