Harald Marschner | In Principle

There aren’t just satellites orbiting the earth—there’s also space debris. And some countries claim rights to natural resources found on other celestial bodies, and permit the sale of plots on the moon. Some sort of legal rules must apply in outer space, so it is clear who is allowed to do what in the universe.

The Principality of Liechtenstein will become one of the first countries with its own act on trusted technologies, approved by the Liechtenstein parliament at the first reading on 6 June 2019.

Following Malta and Liechtenstein, France has become the next country to introduce laws on business activity relating to blockchain, ICOs and cryptocurrencies.

Virtual currencies are a reality, but large countries have taken a conservative stance towards them, and have not legislated on this issue in their legal systems. Small countries, on the other hand, seeking a source of revenue, are trying to specialise to attract representatives of the world of new technologies and cryptocurrencies. The legislative initiatives taken recently by Malta and Liechtenstein are an example.

The Principality of Liechtenstein has been an international financial centre for a long time. Now, due to the Liechtenstein Rules, it has an opportunity to become an international arbitration centre.

As the People’s Republic of China becomes an increasingly stronger player on the international scene, it is no surprise that rulings by Chinese courts are being issued more frequently in disputes arising out commercial cooperation with Chinese counterparties. This phenomenon will only grow in importance for European lawyers.

This question can be answered only after determining which substantive law applies to the case. It can be a crucial issue in cross-border disputes.