Warning

In the past, there have been several cases in which persons or companies offering FinTech products or services gave the impression that they had been granted a licence by the FMA even though they had received no such licence.

For this reason, the FMA once again would like to point out that all financial intermediaries licensed by the FMA are listed in a publicly accessible register. This also applies to securities prospectuses approved by the FMA.

The FMA also would like to point out the following:

• The FMA does not express any judgements regarding business models, initial coin offerings, or security token offerings. Statements to that effect on websites and in the media are therefore incorrect.
• The FMA does not issue any "non-action letters". This term does not exist in the Liechtenstein legal system.
• When queried, the FMA comments only on existing licensing, prospectus, and due diligence obligations under the special laws referred to in Article 5(1) of the FMA Act. Beyond that, the FMA does not comment on the legal compliance of business models.