The FMA Liechtenstein deals with the regulation of financial technologies. The FMA is the competent authority for issuing and amending authorizations and approvals. It ensures that customer protection and their confidence in the financial market is maintained and that the stability of the financial system is not jeopardized. To ensure market access to the European Economic Area, business models like NEX must also comply with European requirements by applying for a license.
The Register of Electronic Money Institutions, their agents and branches is maintained under Article 36 Law of electronic money (EGG). Electronic money institutions which are in possession of a license according to Art. 4 Law of electronic money are subject to the prudential supervision of the Financial Market Authority Liechtenstein (FMA). In short, the process of NEX becoming a security token requires a green light from an independent legal perspective, which takes the form of an extensive legal analysis: in our case, this has produced a document more than 80 pages long.