Token Offerings under TVTG and MiCA

It depends on the token. An asset-referenced token (ART) may be offered only by a licensed credit institution or a holder of an Art. 21 authorisation. Other crypto-assets may be offered without authorisation if MiCAR Art. 4 and the following articles are met. A token outside MiCAR follows the TVTG. The licensed adviser settles which case applies.

The FMA fee schedule lists CHF 500 for transmitting a white paper and CHF 20 000 for approving or refusing one with the Art. 17 examination, an item in the ART chapter. How the FMA handles the white paper of an other crypto-asset in practice is not in our sources, so we promise no review and no approval.

No. Where, for example, an offer is addressed to fewer than 150 users or the total sale price is up to CHF 5 million, only the TVTG Art. 30 lit. a and b duties fall away. The notification of the issuance to the FMA is not stated to be exempt, and a breach is fined up to CHF 100 000.

Under the TVTG, an issuer offering tokens in its own name is not subject to registration, but must still follow Art. 30 to 38. Registration concerns persons seated in Liechtenstein who provide TT services professionally, such as an issuer acting for a client. The FMA decides a complete registration application within three months.

Offering other crypto-assets publicly without meeting MiCAR Art. 4(1) or 5(1) is a criminal offence, up to three years' imprisonment before the Landgericht; likewise ART offers without Art. 16(1) or 17(1), EMT offers without Art. 48(1). The FMA also fines white-paper breaches, up to CHF 1 000 000 for legal persons, more in serious, repeated or systematic cases (EWR-MiCA-DG Art. 31).

They are different documents for different tokens: the MiCAR white paper for crypto-assets inside MiCAR, the TVTG Basisinformationen for tokens outside it. The Basisinformationen name the VT system used, carry risk notes and name those responsible for the content and for the token's technical and legal functionality.

Tokens outside MiCAR. The TVTG defines a token issuance only for tokens MiCAR does not cover, and the two regimes have had mutually exclusive scopes since 1 February 2025. The MiCAR transition ended on 1 July 2026, and TVTG registrations for activities that need a MiCAR authorisation expired on 2 July 2026.

The FMA states that non-fungible tokens, which MiCAR Art. 2(3) excludes, could fall within the TVTG. Whether a given NFT does depends on its facts, which the licensed adviser reads for your specific token. This page names no NFT category and gives no verdict on yours.

An ART may be offered only by a licensed credit institution or a holder of a MiCAR Art. 21 authorisation; the FMA fee for that authorisation is CHF 30 000. The EMT offer rules sit in MiCAR Art. 48(1), and we do not offer that path. A start-up cannot simply issue a stablecoin-type token.

For wrong or missing Basisinformationen, liability cannot be excluded or limited in advance, and acquirer claims against an issuer seated in Liechtenstein go to the Landgericht. The document carries the declaration of those responsible for its content that, to their knowledge, the information is correct and nothing material is left out.

The MiFID II question is settled first: a crypto-asset that qualifies as a MiFID II financial instrument is outside MiCAR. This page names no prospectus route and no thresholds for such a token. A licensed Liechtenstein lawyer, named in your engagement letter, confirms which securities rules apply to your tokenised share.

No. Issuing a token is not custody, trading or exchange; those are crypto-asset services with their own authorisation, the CASP route. Providing them without the needed authorisation is a criminal offence. If your token will be traded or held for others, our CASP licence page sets out that route.

The TVTG Basisinformationen must be prepared and published in German or English. A language rule for the MiCAR white paper is not set out in our sources, so this page states none. The licensed partner confirms it for your offer before the document is drafted.

No seat requirement for a MiCAR issuer is stated in our sources. TVTG registration applies to persons seated or resident in Liechtenstein who provide TT services professionally. If you want a Liechtenstein issuing entity, a licensed trustee forms it and files; the ready-made company and legal-form pages cover the options.

A registered token issuer keeps the Basisinformationen disclosed during the issue and for at least ten years afterwards. Whether the same duty binds an issuer offering in its own name is not stated in our sources, so this page claims none. The Basisinformationen must also be protected against change.