The Criminal Law Dimension of the MiCAR Implementation in Liechtenstein
Project Description
Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation, MiCAR) establishes, for the first time, a unified European legal framework for crypto-assets and related service providers. It
specifically governs the issuance, public offering, and admission of crypto-assets to trading, and sets binding requirements for providers of crypto-asset services. The primary aim of the regulation is to ensure market integrity, strengthen investor protection, and establish a risk-appropriate regulatory framework for the digital financial sector. A particularly relevant area of application concerns crypto-asset trading platforms, which serve as central infrastructures of the crypto market. For Liechtenstein, as a member of the European Economic Area (EEA) and thus obligated to incorporate MiCAR, a national pre-implementation was adopted with the EEA-MiCA Implementation Act (EWR-MiCA-DG) of 5 December 2024. This act includes, in particular, criminal and administrative provisions to ensure compliance with the MiCAR framework. The proposed research project focuses on the criminal law dimension of this implementation. Central to the analysis are the sanction-related provisions of the EWR-MiCA-DG, namely: breach of confidentiality and unauthorized activities (Art. 26), insider trading and unlawful disclosure of insider information (Art. 27), market manipulation (Art. 28), as well as numerous administrative offences (Art. 31). The project aims to provide a systematic, doctrinally sound and practice-oriented analysis of these criminal provisions in the context of Liechtenstein’s economic and criminal law.
specifically governs the issuance, public offering, and admission of crypto-assets to trading, and sets binding requirements for providers of crypto-asset services. The primary aim of the regulation is to ensure market integrity, strengthen investor protection, and establish a risk-appropriate regulatory framework for the digital financial sector. A particularly relevant area of application concerns crypto-asset trading platforms, which serve as central infrastructures of the crypto market. For Liechtenstein, as a member of the European Economic Area (EEA) and thus obligated to incorporate MiCAR, a national pre-implementation was adopted with the EEA-MiCA Implementation Act (EWR-MiCA-DG) of 5 December 2024. This act includes, in particular, criminal and administrative provisions to ensure compliance with the MiCAR framework. The proposed research project focuses on the criminal law dimension of this implementation. Central to the analysis are the sanction-related provisions of the EWR-MiCA-DG, namely: breach of confidentiality and unauthorized activities (Art. 26), insider trading and unlawful disclosure of insider information (Art. 27), market manipulation (Art. 28), as well as numerous administrative offences (Art. 31). The project aims to provide a systematic, doctrinally sound and practice-oriented analysis of these criminal provisions in the context of Liechtenstein’s economic and criminal law.
Relevance to Liechtenstein
Das Projekt ist unmittelbar im liechtensteinischen Rechtskontext verortet. Liechtenstein, das sich mit dem Token- und VT-Dienstleister-Gesetz (TVTG) bereits früh als innovationsfreundlicher Standort im Krypto- und Blockchain-Bereich positioniert hat, profitiert in besonderem Masse von der Umsetzung der MiCAR-Regelungen. Die Anwendung der MiCAR fördert die Rechtsklarheit, stärkt die Marktintegrität und erhöht die internationale Anschlussfähigkeit des liechtensteinischen Finanzplatzes. Durch die Untersuchung der strafrechtlichen Dimension der MiCAR-Umsetzung leistet das Projekt zudem einen Beitrag zur Weiterentwicklung der nationalen Rechtsordnung und stösst eine breitere gesellschaftliche Debatte über die regulatorische Gestaltung der Krypto-Ökonomie an.
Scientific, Economic and Societal Impact
Das Projekt liefert praxisrelevante Erkenntnisse zur Umsetzung und Anwendung der MiCAR im Finanzsektor. Die Analyse der strafrechtlichen Bestimmungen ermöglicht es insbesondere, potenzielle Haftungsrisiken für Marktteilnehmer frühzeitig zu erkennen und fundierte Präventions- sowie Compliance-Strategien für Finanzunternehmen zu entwickeln. Damit trägt das Projekt zu einer nachhaltigen Regulierungspraxis bei, stärkt langfristig Rechtssicherheit und Marktvertrauen und unterstützt die strategische Zielsetzung der Universität, Forschung mit hoher praktischer Relevanz und gesellschaftlicher Wirkung zu fördern.
