{ "jurisdiction_id": "LI", "jurisdiction": "Liechtenstein", "url": "https://payments.gi/jurisdictions/liechtenstein/", "generator": "render_jid v13.3.0", "date_modified": "2026-09-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 64, "source_register": 125 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/liechtenstein/#w1a-licensing-authorisation-market-access", "standing_position": "The Article 143(3) MiCAR transitional window for Liechtenstein-registered TVTG service providers closed on 1 July 2026; TVTG registration alone no longer suffices for MiCAR-scoped crypto-asset activity, and firms must hold Article 63 (or, for already-licensed financial entities, Article 60) CASP authorisation from the FMA to continue and to passport within the EEA. Since the deadline, the FMA has continued issuing Article 63 authorisations, including Smart Valor AG (from 1 July 2026), Floin AG (from 10 June 2026, late-surfacing) and Damoon Technology (Europe) AG (from 10 July 2026). The TVTG remains in force in parallel only for activities outside MiCAR's scope (e.g. NFTs).", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "https://advapay.eu/emoney-and-payment-institution-licensing/payment-and-e-money-institution-license-in-liechtenstein/", "source_url": "https://www.fma-li.li/en/financial-intermediaries/financial-institutions-division/payment-institutions", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "primary_statute", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.fma-li.li/en", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulator_guidance", "source": "https://www.fma-li.li/en/financial-intermediaries/financial-institutions-division/payment-institutions", "source_url": "https://www.fma-li.li/en", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulator_guidance", "source": "https://globallawexperts.com/payment-institution-licence-liechtenstein-requirements/", "source_url": "https://www.fma-li.li/en", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "primary_statute", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/liechtenstein", "source_url": "https://www.fma-li.li/en", "source_tier": "2", "retrieved_at": "2026-07-05" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding of client funds is mandated for PIs/EMIs under the ZDG/EGG regime with prior FMA notification of material changes; conduct oversight sits with the same integrated FMA supervisor responsible for prudential matters. Financial-promotion enforcement in the payments space is not a heavily separately litigated area, though the FMA holds general warning/publication powers.", "findings": [ { "finding": null, "instrument_type": "safeguarding_rule", "source": "https://advapay.eu/emoney-and-payment-institution-licensing/payment-and-e-money-institution-license-in-liechtenstein/", "source_url": "https://advapay.eu/emoney-and-payment-institution-licensing/payment-and-e-money-institution-license-in-liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulator_guidance", "source": "https://globallawexperts.com/payment-institution-licence-liechtenstein-requirements/", "source_url": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "conduct_regime", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "dispute_resolution", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "dispute_resolution", "source": "https://commission.europa.eu/about/contact/problems-and-complaints/complaints-about-breaches-eu-law-member-states/redress-national-level_en", "source_url": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_tier": "1", "retrieved_at": "2026-07-05" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w2-stablecoins-digital-money", "standing_position": "MiCAR is fully pre-implemented in Liechtenstein via the EWR-MiCA-Durchfuhrungsgesetz, in force since 1 February 2025. The 1 July 2026 TVTG-to-CASP conversion deadline has passed; FMA-LI has granted Article 63 CASP authorisations to Damoon Technology (Europe) AG (10 July 2026) and Sygnum Europe AG (26/30 June 2026), and Liechtenstein has emerged as a preferred EEA passporting entry point for Swiss crypto firms that cannot passport directly via FINMA licences.", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "https://www.fma-li.li/en/supervision-regulation/fintech/tvtg", "source_url": "https://www.fma-li.li/en/supervision-regulation/fintech/tvtg", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "primary_statute", "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/liechtenstein", "source_url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/liechtenstein/", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulatory_taxonomy", "source": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/liechtenstein/", "source_url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/liechtenstein/", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "authorisation_notice", "source": "https://www.fma-li.li/en", "source_url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/liechtenstein/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "primary_regulation", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/liechtenstein/", "source_tier": "2", "retrieved_at": "2026-07-05" } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA is fully in force in Liechtenstein via the EEA-DORA Implementation Act, with accelerated national application from 1 February 2025 and full incorporation into the EEA Agreement effective 1 July 2025, superseding the previous FMA Directive 2021/3 ICT-security regime for in-scope entities.", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "https://www.fma-li.li/en/supervision-regulation/dora", "source_url": "https://www.fma-li.li/en/supervision-regulation/dora", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "primary_statute", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.fma-li.li/en/supervision-regulation/dora", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulator_notice", "source": "https://www.fma-li.li/en/news/dora-in-force-new-event-related-notification-1091", "source_url": "https://www.fma-li.li/en/supervision-regulation/dora", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulator_guidance", "source": "https://www.fma-li.li/en/supervision-regulation/dora/impact-for-liechtenstein", "source_url": "https://www.fma-li.li/en/supervision-regulation/dora", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "reporting_obligation", "source": "https://thomasmurray.com/compliance-digest/dora-register-information-2026-outlook-and-guidance", "source_url": "https://www.fma-li.li/en/supervision-regulation/dora", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w4-scheme-network-compliance", "standing_position": "Liechtenstein payment businesses operate under EEA-harmonised scheme and card-network rules (PCI DSS, CBPR2) rather than a bespoke national scheme-compliance statute; the Cross-Border Payments Regulation (CBPR2) is directly applicable following EEA incorporation, and PCI DSS compliance is a contractual card-brand requirement rather than a distinct national law.", "findings": [ { "finding": null, "instrument_type": "primary_regulation", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "scheme_rule", "source": "https://stripe.com/resources/more/payments-in-liechtenstein", "source_url": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w5-payment-corridor-dynamics", "standing_position": "Liechtenstein's core payment corridor runs through the Swiss franc monetary union with Switzerland (Currency Treaty 1980), giving access to the Swiss Interbank Clearing (SIC/SIC5 instant-payments) system, while its EEA membership independently gives access to SEPA for euro-denominated cross-border transfers via euroSIC and the SIX NASO registration channel.", "findings": [ { "finding": null, "instrument_type": "settlement_system", "source": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/sic.html", "source_url": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/sic.html", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "settlement_system", "source": "https://www.infoguard.ch/en/blog/sic5-what-you-need-to-know-about-banks-instant-payments", "source_url": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/eurosic/payments-ch-li.html", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "access_rule", "source": "https://www.lexology.com/library/detail.aspx?g=8098de48-b0e1-4d44-8f11-d108a5d6a665", "source_url": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/eurosic/payments-ch-li.html", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "settlement_system", "source": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/eurosic/payments-ch-li.html", "source_url": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/eurosic/payments-ch-li.html", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "scheme_membership", "source": "https://www.six-group.com/en/products-services/banking-services/payment-standardization/standards/sepa.html", "source_url": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/eurosic/payments-ch-li.html", "source_tier": "2", "retrieved_at": "2026-07-05" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w6-industry-structure-commercial-dynamics", "standing_position": "The Liechtenstein payments-adjacent financial sector is bank-dominated and private-banking-oriented (11 banks, CHF 500bn AUM at end-2025), with a comparatively small but growing licensed payments/e-money population (3 EMIs, 1 PI) and an active crypto-banking niche (Bank Frick, Sygnum, LGT) layered on top of traditional wealth management.", "findings": [ { "finding": null, "instrument_type": "market_structure", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "market_structure", "source": "https://thebanks.eu/banks/9868", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-liechtenstein/__yCpaKPFTlkZqAiiUSM-AyraGEzY8-neiO0HJTmXHMCY", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "market_structure", "source": "https://tracxn.com/d/geographies/liechtenstein/__GUAdFG5oaD6X_RJuiztBsSse0038DPx5-ModHsCho2Y", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-liechtenstein/__yCpaKPFTlkZqAiiUSM-AyraGEzY8-neiO0HJTmXHMCY", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "market_structure", "source": "https://tracxn.com/d/explore/fintech-startups-in-liechtenstein/__yCpaKPFTlkZqAiiUSM-AyraGEzY8-neiO0HJTmXHMCY", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-liechtenstein/__yCpaKPFTlkZqAiiUSM-AyraGEzY8-neiO0HJTmXHMCY", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "market_structure", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/liechtenstein", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-liechtenstein/__yCpaKPFTlkZqAiiUSM-AyraGEzY8-neiO0HJTmXHMCY", "source_tier": "2", "retrieved_at": "2026-07-05" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w7-legal-litigation", "standing_position": "Payments-adjacent litigation in Liechtenstein centres on crypto-custody incident response (the 2022 LCX hack, with Liechtenstein courts issuing freezing orders enforced abroad) and general FMA administrative-enforcement powers (warnings, professional bans, publication of decisions), appealable to the FMA Complaints Commission and then the administrative court.", "findings": [ { "finding": null, "instrument_type": "litigation", "source": "https://hacken.io/industry-news/lcx-hack-january-2022/", "source_url": "https://hacken.io/industry-news/lcx-hack-january-2022/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "enforcement_power", "source": "https://www.fma-li.li/en/supervision-regulation/enforcement", "source_url": "https://globallawexperts.com/trust-law-reform-liechtenstein/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "enforcement_process", "source": "https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/liechtenstein", "source_url": "https://globallawexperts.com/trust-law-reform-liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "litigation", "source": "https://iclg.com/practice-areas/consumer-protection-laws-and-regulations/liechtenstein", "source_url": "https://globallawexperts.com/trust-law-reform-liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "enforcement_reform", "source": "https://globallawexperts.com/trust-law-reform-liechtenstein/", "source_url": "https://globallawexperts.com/trust-law-reform-liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Possible", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w8-merchant-acquiring-risk", "standing_position": "Liechtenstein has no bespoke national merchant-acquiring statute distinct from the EEA PSD2/PCI-DSS baseline; card-present and contactless usage is rising, but the market structure for acquiring is dominated by Swiss/EEA-linked bank-provided merchant services rather than a distinct domestic acquiring industry.", "findings": [ { "finding": null, "instrument_type": "market_practice", "source": "https://stripe.com/resources/more/payments-in-liechtenstein", "source_url": "https://stripe.com/resources/more/payments-in-liechtenstein", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w9-product-innovation-market-development", "standing_position": "Fintechs combining payment/e-money services with crypto-asset services face a convergent authorisation pathway: FMA processes PI/EMI licences under the payments regime while MiCAR governs crypto-asset-service authorisation, following MiCAR's full application 1 July 2026.", "findings": [ { "finding": null, "instrument_type": "innovation_framework", "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/liechtenstein", "source_url": "https://www.llv.li/en/national-administration/office-for-financial-market-innovation-and-digitalisation", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "innovation_body", "source": "https://www.llv.li/en/national-administration/office-for-financial-market-innovation-and-digitalisation", "source_url": "https://www.llv.li/en/national-administration/office-for-financial-market-innovation-and-digitalisation", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "innovation_framework", "source": "https://finance.li/en/quality-and-strength-of-innovation/", "source_url": "https://www.llv.li/en/national-administration/office-for-financial-market-innovation-and-digitalisation", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "innovation_framework", "source": "https://www.niedermueller.law/wp-content/uploads/2024/03/Legal500-Comparative-Guide-Fintech-2024.pdf", "source_url": "https://www.llv.li/en/national-administration/office-for-financial-market-innovation-and-digitalisation", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "market_development", "source": "https://thefintechtimes.com/liechtenstein-fintech-and-wider-digital-development-in-2026/", "source_url": "https://www.llv.li/en/national-administration/office-for-financial-market-innovation-and-digitalisation", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection for payments customers rests on general civil-law instruments (ABGB warranty rules, Consumer Protection Act/KSchG, Act against Unfair Competition/UWG) plus FMA supervision and the extrajudicial conciliation board/FIN-Net dispute-resolution channel; Liechtenstein has no PSR-style mandatory APP-fraud reimbursement regime distinct from the general PSD2/EEA liability framework.", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "https://iclg.com/practice-areas/consumer-protection-laws-and-regulations/liechtenstein", "source_url": "https://www.llv.li/en/national-administration/office-of-economic-affairs/consumer-protection", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulator_role", "source": "https://www.llv.li/en/national-administration/office-of-economic-affairs/consumer-protection", "source_url": "https://www.llv.li/en/national-administration/office-of-economic-affairs/consumer-protection", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "regulator_role", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.llv.li/en/national-administration/office-of-economic-affairs/consumer-protection", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "dispute_resolution", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/liechtenstein/", "source_url": "https://www.llv.li/en/national-administration/office-of-economic-affairs/consumer-protection", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "dispute_resolution", "source": "https://www.bafin.de/EN/Verbraucher/BeschwerdenStreitschlichtung/StreitSchlichtungsstellen/StreitSchlichtungsstellen_artikel_en.html", "source_url": "https://www.llv.li/en/national-administration/office-of-economic-affairs/consumer-protection", "source_tier": "1", "retrieved_at": "2026-07-05" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi payments-context position: Liechtenstein's AML/CFT regime is anchored in the Due Diligence Act (SPG) and Due Diligence Ordinance (SPV), implementing the EU 4th/5th AML Directives, with the FMA as principal supervisor (bar lawyers, supervised by the Chamber of Lawyers). MONEYVAL's 2022 fifth-round evaluation rated Liechtenstein compliant/largely compliant on 37 of 40 FATF recommendations, placing it among only five jurisdictions subject to the regular (non-enhanced) follow-up process.", "findings": [ { "finding": null, "instrument_type": "registry", "source": "sentinel.fma-li.li/en/supervision-regulation/anti-money-laundering", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Liechtenstein is a MONEYVAL-assessed EEA/EFTA state (not an EU member) whose Due Diligence Act and Financial Market Authority (FMA) govern AML/CFT for banks, TCSPs, foundations/Anstalten and VASPs under the bespoke Blockchain Act (TVTG). It autonomously aligns its national sanctions ordinance with EU CFSP measures rather than being bound as an EU member.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Liechtenstein", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: OFAC (U.S. Department of the Treasury) — Sanctions-evasion typology involving Liechtenstein-domiciled foundations (Potanin/Sentimare case)", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-001)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/liechtenstein/#w12-correspondent-banking-settlement-access", "standing_position": "A cyberattack on Liechtenstein's national confidential registry of foundations and trusts (beneficial-ownership register under the VwbPG, maintained by the Office of Justice) came to light in late July/early August 2026, exposing name and residency data on roughly 31,000 registered entities. This register underpins the KYC/beneficial-ownership due diligence that correspondent banks and payment institutions rely on; the Prime Minister has ruled out paying any ransom. No primary FMA or government statement quantifying payments-sector or correspondent-banking impact has yet been located, so this is carried as a single bounded (D-tier) resilience event pending further primary-source confirmation.", "findings": [ { "finding": null, "instrument_type": "risk_assessment", "source": "https://www.elibrary.imf.org/view/journals/002/2025/077/article-A004-en.xml", "source_url": "https://www.elibrary.imf.org/view/journals/002/2025/077/article-A004-en.xml", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "central_bank_arrangement", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/liechtenstein", "source_url": "https://www.elibrary.imf.org/view/journals/002/2025/077/article-A004-en.xml", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "access_restriction", "source": "https://www.lexology.com/library/detail.aspx?g=8098de48-b0e1-4d44-8f11-d108a5d6a665", "source_url": "https://www.elibrary.imf.org/view/journals/002/2025/077/article-A004-en.xml", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "correspondent_bank", "source": "https://www.secb.de/en/", "source_url": "https://www.elibrary.imf.org/view/journals/002/2025/077/article-A004-en.xml", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "supervisory_integration", "source": "https://www.bankenverband.li/en/topics/regulation", "source_url": "https://www.elibrary.imf.org/view/journals/002/2025/077/article-A004-en.xml", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/liechtenstein/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity is dominated by MiCAR-driven authorisation events among Liechtenstein's crypto-banking cluster (Bank Frick, Sygnum, Floin), alongside continued licence consolidation as firms transition from TVTG registration to full MiCAR CASP status.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://thebanks.eu/banks/9868", "source_url": "https://thebanks.eu/banks/9868", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.fma-li.li/en", "source_url": "https://www.fma-li.li/en", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://99bitcoins.com/news/altcoins/swiss-bank-sygnum-expands-crypto-asset-management-to-germany-liechtenstein/", "source_url": "https://99bitcoins.com/news/altcoins/swiss-bank-sygnum-expands-crypto-asset-management-to-germany-liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.fma-li.li/en", "source_url": "https://99bitcoins.com/news/altcoins/swiss-bank-sygnum-expands-crypto-asset-management-to-germany-liechtenstein/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "market_aggregate", "source": "https://tracxn.com/d/explore/fintech-startups-in-liechtenstein/__yCpaKPFTlkZqAiiUSM-AyraGEzY8-neiO0HJTmXHMCY", "source_url": "https://99bitcoins.com/news/altcoins/swiss-bank-sygnum-expands-crypto-asset-management-to-germany-liechtenstein/", "source_tier": "3", "retrieved_at": "2026-07-05" } ] } ] }