Distributed Ledger Technology in Liechtenstein Private Law
Project Description
The aim of the research project is to analyse the developments and possible areas of application of the Distributed Ledger Technology (DLT) from a Liechtenstein Private Law perspective and to identify possible legal risks in order to subsequently derive recommendations for practitioners and the legislator. In this context, the current legal framework, as well as legislative initiatives in Liechtenstein and abroad will be observed in order to identify any need for adjustments in the area of private law (eg. ABGB, PGR). Relevant findings derived from foreign legal systems will be subject of a comparative analysis.
Relevance to Liechtenstein
The Liechtenstein legislator recognized the need for action in a noteworthy foresight and started work on the so called Law on Trustworthy Technologies (VT) based transaction systems (Blockchain Act, VT-Gesetz ; VTG). A review of the legal issues from the private law perspective de lege lata and de lege ferenda is urgently needed in order to increase legal certainty. Appropriate scientific research will help to address the existing and future legal challenges in good time so that Liechtenstein can best benefit from the new technologies.
Scientific, Economic and Societal Impact
Distributed Ledger Technology, and in particular, the Blockchain Technology are currently referred to as technologies with disruptive potential and fields of application for a wide variety of industries. The flourishing "Blockchain Startup Scene" is constantly creating new business models, which is why rapid technological developments can be observed. The legal framework still lags behind these developments, which is why the actors involved face a high level of legal uncertainty. Legal risks thus represent one of the greatest challenges for the further development of the technology. A review of the legal issues from a Liechtenstein Private Law perspective is therefore urgently needed in order to be able to analyse the compatibility with the applicable law and to derive appropriate recommendations de lege ferenda.
