Those attending the second conference on “Digitalization and Law” at the University of Liechtenstein examined the rapid intensification of digitization in 2020, the year of coronavirus. It was hosted by the Propter Homines Chair for Banking and Financial Market Law for the second time. Other cooperation partners of the event were Nägele Rechtsanwälte GmbH from Vaduz, PwC Zurich and the Liechtenstein Bankers Association.
In a university press release, Prime Minister Adrian Hasler highlighted the great opportunities that digitalization offers as an innovation driver for the whole of Europe. Liechtenstein acted on this early with the introduction of the Blockchain Act. The European Commission is now following suit with the adoption of its Digital Finance Package. Joachim Schwerin, Principal Economist at the European Commission, also commented on the benefits this brings. The aim is to “create a fully integrated economy, in which the entire value chain can be on the blockchain”. Non-economic factors such as education and civil law regulations are also important.
Lawyer Thomas Nägele, Managing Partner at Nägele Rechtsanwälte, focused on the potential fields of application for blockchain technology in the post-trading phase. Other topics covered by high-ranking speakers included “The programmable euro and the tokenization of industrial goods”, “Artificial intelligence in financial market regulation and supervision” and “Data is the new oil”.
In the final lecture, Stefan Seidel, Professor and Chair of Information Systems and Innovation at the University of Liechtenstein, outlined what the financial sector can learn from the video gaming industry. Financial intermediaries could significantly optimize the products they use by taking into account user feedback and the data this generates.