TITLE: Liechtenstein's Financial Market Authority Publishes 2025 Annual Report
BODY:
On April 16, 2026, the Financial Market Authority (FMA) Liechtenstein published its 2025 annual report. The report details regulatory developments and enforcement activities across Liechtenstein's financial sector during a challenging macroeconomic environment marked by geopolitical tensions, protectionist trends, and fragmented global trade.
The financial sector demonstrated stability despite external pressures. Significant regulatory developments included the implementation of the Markets in Crypto-Assets Regulation (MiCAR) (EU) 2023/1114 and the Digital Operational Resilience Act (DORA) implementation law, both effective in January 2025. In December 2025, Liechtenstein approved its first crypto-asset service providers (CASPs) under MiCAR, authorising them to provide services including custody and management of crypto-assets. Liechtenstein became one of 18 European Economic Area states to issue MiCAR authorisations. Additionally, in early 2026, the FMA approved its first mortgage bond institute, a specialised institution restricted to issuing mortgage bonds for refinancing purposes. The legal framework for bank and securities firm supervision was comprehensively revised and aligned with European Economic Area regulatory structure, effective February 1, 2025.
During 2025, the FMA concluded 75 enforcement proceedings, comprising 30 administrative procedures, 42 administrative penalty proceedings, and three combined proceedings. Fines totalling CHF 590,000 became final in 17 proceedings, with the majority (13 cases) resulting from violations of due diligence legislation. Additional fines of CHF 60,000 were imposed in three pending proceedings. To enhance efficiency and reduce regulatory burden, the FMA's supervisory board authorised a systematic review project in December 2025 to identify optimisation opportunities and assess regulatory requirements and internal processes for proportionality and effectiveness.