Abstract

The article examines the Law on Tokens and Trustworthy Technologies (TT) Blockchain Service Providers (Blockchain Act) adopted in Lichtenstein on 3rd of October 2019 and effected into force on the 1st of January 2020. This innovative act creates a legal framework of the trustworthy  technologies as a prerequisite for ensuring trust in the digital legal communication thus expanding the application of the TT further into the economic sector by promoting its digitalization. The legal framework inevitably affects civil law by creating an entirely new legal object in the face of tokens. This allows providing rights and obligations with regards to tokens as well as conducting transactions with them. Furthermore, key feature of the examined act is that it defines and regulates the process of tokenization, which allows civil rights to be  represented via tokens and thus by transferring the tokens, within the TT system, to transfer the civil rights in a safe digital environment, so ensuring the intermediaries to make transactions cost effective.