Token Regulation in Europe: A Comparison of Liechtenstein TVTG 2019 and EU MiCAR 2023 from a web3 founder’s perspective

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This concept paper examines the aforementioned laws in terms of how they reflect new Web3 realities, whether they are suitable in terms of their objectives and approach to promote new digital markets and how tokens are understood as legal objects.

Description

Since the first bitcoins were mined in 2009, a large number of blockchains and a vast number of different tokens have been created on the basis of distributed ledger technologies (DLT). The Web3 ecotope, with its essential characteristics such as decentralized transactions and anonymity, is functioning and is preparing to attract billions of dollars in further demand and absorb investor funds.

Court cases such as Commoditi