On December 2, 2025, a themed evening on “MiCAR and criminal law” was held with Prof. Dr. Konstantina Papathanasiou, LL.M. (Professor of Commercial Criminal Law, Compliance, and Digitalization), which also marked the conclusion of the FFF project “The criminal law dimension of MiCAR implementation in Liechtenstein.”

The MiCA Regulation has been fully applicable in the EU since December 30, 2024. In Liechtenstein, the EEA MiCA Implementation Act entered into force on February 1, 2025. Following the decision of the EEA Joint Committee on February 20, 2025, MiCAR was effectively incorporated into the EEA Agreement on June 24, 2025, and has been directly applicable in the EEA since then.

The event focused in particular on the penal provisions of the EEA MiCA-DG:

° Art. 26: Breach of confidentiality and unauthorized activity

° Art. 27: Insider trading and unlawful disclosure of insider information

° Art. 28: Market manipulation

° Art. 31: Administrative offenses

When discussing the risks of criminal liability, Prof. Papathanasiou also explained the general issues of intent, negligence, and corporate liability.
The event addressed a highly topical issue and shed light on the new regulations as well as the resulting risks of criminal liability.