MiCAR Transition Watch: Why Liechtenstein’s TVTG VASPs Should Prepare For An 30 June 2026 Cut-Off – And What To Do Now

Josef Bergt

2025

Introduction

As MiCAR’s full authorisation regime for crypto-asset service providers (“CASPs”) settles across the EU/EEA, the single date that defines strategy for every TVTG-registered firm in Liechtenstein is the end of the transitional (“grandfathering”) window; and while practitioners have so far worked to a 31 December 2025 national end-date, policy discussions in Vaduz are now focusing on aligning the deadline with the maximum period foreseen by MiCAR—namely 1 July 2026 (i.e., operations allowed through 30 June 2026)—with the clear caveat that any such alignment must pass through the ordinary legislative process. 

What MiCAR already says (and why it matters)

Article 143(3) MiCAR provides that CASPs already providing services in accordance with applicable law before 30 December 2024 may continue until 1 July 2026 (or until they are granted/refused authorisation under Article 63, if earlier). The same provision empowers Member States (and EEA states implementing MiCAR) to shorten or disapply the transitional period where their pre-MiCAR national framework is less strict. In other words, the regulation fixes an EU-level ceiling; national lawmakers decide whether their prior regime warrants the full runway. 

ESMA’s public register of national grandfathering choices currently records Liechtenstein at 12 months (consistent with the initial local approach that pointed to a 31 December 2025 cut-off), and explicitly notes that some entries reflect supervisory expectations pending national lawmaking. This “12-month” setting is the benchmark firms have used for project plans to date. 

The Liechtenstein twist: TVTG and MiCAR side by side

With MiCAR taken over into the EEA Agreement in June 2025 (previously implemented on national level in February 2025) and thus directly applicable in Liechtenstein, the legislature has crafted an implementation statute (the EWR-MiCA-Durchführungsgesetz, “EWR-MiCA-DG”) and subsequent amendments, while preserving TVTG in parallel for activities and tokens that remain outside MiCAR’s scope (for example, certain NFTs), thereby avoiding gaps and forum shopping while still enabling EU/EEA passporting under MiCAR. The supervisory and government communications make that twin-track architecture explicit. 

Why an extension to 30 June 2026 is now on the table

The practical case for alignment is simple: MiCAR already allows the full window; a longer transition materially reduces cliff-edge risk for incumbents, and—crucially—signals that the pre-MiCAR TVTG regime is not less strict in the sense of Article 143(3) second sub-paragraph. Recent amendments to the EWR-MiCA-DG and accompanying legislative materials indicate continuing calibration of the national framework; market participants therefore expect the political discussion to converge on the MiCAR maximum date, subject to the state legislature’s decision. Until any text is enacted and published, firms should treat this as credible but not definitive and plan for both timelines.

Strategic implications for TVTG-registered VASPs (and groups using Liechtenstein as their EU/EEA hub)

• Authorisation path & sequencing. You can continue operating under TVTG during the grandfathering period if you were lawfully active before 30 December 2024, but you must file a timely and complete MiCAR application; ESMA’s note underlines that the transition is not an automatic waiver and that national choices can change as lawmaking progresses. 

• Scope management. Because TVTG and MiCAR have mutually exclusive scopes by design, product classification (MiCAR-in vs. TVTG-only) must be robust, documented and revisited whenever features change (e.g., adding redemption features to a token). 

• Passport readiness. With MiCAR directly applicable post-EEA take-up, authorisation in Liechtenstein unlocks passporting across the EU/EEA; operational playbooks should therefore be written to MiCAR standards now, with TVTG processes running in parallel during transition. 

• Communications & conduct. Even in transition, MiCAR conduct and disclosure expectations (e.g., on whitepapers and marketing under the Titles in force) are effectively today’s standard for cross-border credibility and supervisory dialogue. 

What to do this quarter

1. Assume 31 December 2025 for critical-path planning; model 30 June 2026 as the “upside case.” Align internal milestones (policy remediation, prudential safeguards, IT controls, outsourcing addenda, key function holders) to the earlier date; treat any extension as contingency relief, not slack. 

2. File early, file complete. A well-packaged MiCAR dossier (governance, own funds, safeguarding, conflict-of-interest lines, outsourcing, ICT/operational resilience) is the single most effective de-risking step; partial filings create “stop-clock” inefficiencies and compress transition runway. (See FMA and EWR-MiCA-DG framework for local procedural specifics.)

3. Tighten product perimeter. Map every token/service against MiCAR vs. TVTG, and document the legal basis for transitional reliance; where doubt exists, apply MiCAR standards now to avoid remedial re-work post-authorisation. 

4. Be passport-ready on day one. Build your target-state control environment to MiCAR level across the group (not just the Liechtenstein entity), so that EU/EEA scale-up is operationally trivial once authorisation arrives. 

A note of legal nuance

If the state legislature were to confirm an alignment with MiCAR’s 1 July 2026 end-date, that would, in practice, reflect a legislative judgement that the pre-existing TVTG regime is not less strict than MiCAR (in Article 143(3)’s sense), and therefore warrants granting the full MiCAR window; that is a policy-legal assessment by the national legislator which MiCAR expressly anticipates. Until then, the operative baseline remains the 12-month setting captured in ESMA’s list and the FMA’s earlier guidance. 

Bergt Law advises CASPs, exchanges, brokers, and token platforms on MiCAR authorisations, TVTG/MiCAR perimeter mapping, prudential safeguards, and proportional passporting strategies from Liechtenstein into the EU/EEA single market. We combine regulatory depth with product pragmatism—drafting that survives supervisory scrutiny, documentation that meets auditors requirements, and governance that actually works in production. To discuss an accelerated readiness review, a red-flag check of your MiCAR dossier, or a cross-border go-live plan, reach out via bergt.law/en.

Key findings & core statements (executive bullets)

• MiCAR fixes a maximum transition to 1 July 2026; national law may shorten or disapply it if the pre-MiCAR regime is deemed less strict.

• Liechtenstein currently operates on a 12-month grandfathering setting (to 31 December 2025 in practice), per ESMA’s list and prior FMA communications. 

• Policy momentum in Vaduz – within the ongoing EWR-MiCA-DG refinement—suggests alignment with the MiCAR maximum (30 June 2026) is under consideration, subject to enactment; firms should plan for both dates. 

• TVTG and MiCAR co-exist with mutually exclusive scopes; rigorous product classification is essential, and adopting MiCAR-level conduct now is the safest cross-border strategy. 

• Authorise early, passport sooner: With MiCAR now directly applicable in Liechtenstein post-EEA take-up, timely CASP authorisation is the gateway to EU/EEA scaling.

This article reflects developments and sources available at the time of writing and may be updated as the legislative process in Liechtenstein advances. Until final and proper legislation procedure is followed and enacted parts of this article may be speculative.