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🇱🇮Liechtenstein · EEA (non-EU)

Financial Market Authority Liechtenstein

FMA Liechtenstein · Financial supervisory authority
Vaduzwww.fma-li.li
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FY2025 · as of 31 December 2025Published figures unless marked

Employees130employees
Annual budgetCHF 30.2m (~€32.5m)FY2025
Supervised entities25411 banks + 30 insurers + 89 AMCs + 3 EMIs + 1 PI + 89 investment firms /AMCs / other regulated firms

Overview

The FMA is Liechtenstein's integrated financial market authority — and, with no national central bank, it also carries the financial-stability mandate a central bank would hold elsewhere. It supervises and enforces 49 laws, six of them added in 2025 alone, including the MiCA and DORA implementing acts. In December 2025 it authorised Liechtenstein's first crypto-asset service providers under MiCA, adding an EEA-passportable regime on top of the TVTG blockchain act it has run since 2020, and in 2025 it concluded 75 enforcement proceedings with CHF 590,000 (≈ €630,000) in legally final fines. Everything below is the FMA's own data, from its FY2025 annual report.

Regulated sectors

7
BanksPayment institutionsE-money institutionsInvestment firmsAsset managersCrypto-asset service providersInsurance companies

Figures as published by Financial Market Authority Liechtenstein for FY2025. Source: FMA Geschäftsbericht 2025 (German) (Published 16 April 2026). Data as of 31 December 2025. Supplementary: FMA press release (English), 16 April 2026.

Organisation (FY2025)

Employees
130
Budget
CHF 30.2m (~€32.5m)Financing model: supervisory levies + state contribution capped at CHF 6m/yr

Supervised entities (end-2025)

Laws under FMA supervision/enforcement
496 added in 2025 (incl. EWR-MiCA-DG, EWR-DORA-DG, Pfandbriefgesetz, new banking/investment-firm framework)
Banks
11Unchanged y/y
Insurance undertakings
30−2 (two market exits)
Asset management companies
89Unchanged; investment firms also unchanged; EMIs 3 · PIs 1
Trust companies / trustees
226 / 121Trust companies +7; trustees −5 net
180a-Act licence holders
200+24 entries / −10 exits
UCITS funds / AIFs
223 / 319Products under supervision

Licensing 2025 — MiCA & TVTG

CASPs (MiCA)
3First authorisations, Dec 2025; 4 in ESMA register by end-Feb 2026; 11 (pre-)applications under review (1 × Art. 60, 10 × Art. 63)
VT service providers (TVTG)
28 · 66 roles0 new registrations in 2025, 2 waivers; TVTG transition to MiCA ends 1 July 2026
Prospectuses approved
2836 in 2024

Supervisory activity 2025

On-site inspections (non-AML)
32Incl. 10 audit-firm quality controls
AML (SPG) on-site controls
5 banks · 5 AMCs · 6 VT providers · 32 trust-sector · 3 life insurers + 1 intermediary · 78 funds · 8 otherOwn controls; plus mandated controls via external auditors
Transaction reports processed
~12 million+43% y/y (~33,000/day); 2,518 alerts analysed
Estimate
FIU reports
22Suspected ML / predicate offences / terrorist financing
Public warnings
9Mostly clone firms
Whistleblowing reports
13Actionable reports received
Regulatory projects in implementation
36End-2025

Enforcement 2025

Enforcement proceedings concluded
7530 administrative · 42 administrative-penal · 3 combined; 37 pending at 1 Jan 2026 (95 concluded in 2024)
Legally final fines
CHF 590,000 (~€630,000)17 proceedings; +CHF 60,000 (~€64,000) in 3 proceedings not yet final; 13 fines under the Due Diligence Act (AML); 2024: CHF 1,046,500 (~€1.12m)
Criminal complaints filed
5138 of them occupational-pension (BPVG) breaches

Notable 2025

Two crypto regimes in parallel
TVTG blockchain act (since 2020) and MiCA — with the TVTG transition window closing 1 July 2026, forcing 28 registered VT providers to obtain MiCA authorisation or exit.
Among first EEA MiCA authorisers
Liechtenstein was among the first 18 EEA states to grant MiCA authorisations; 11 (pre-)applications were under review at the report's cut-off.
First Pfandbrief institute
Liechtenstein's first covered-bond institute authorised in early 2026 under the December 2024 Pfandbriefgesetz.
Central-bank-less financial-stability mandate
With no national central bank, the FMA holds the financial-stability mandate itself (Art. 4 FMA Act). Banking-sector consolidated profits rose 21% to CHF 720 million (~€770 million) in 2025.
Supervisory efficiency programme
An FMA support chatbot cut supervisory support requests by ~72%; a board-mandated "Fokus 2026" project is systematically screening processes for gold-plating and proportionality.
Per-capita workload
12 million transaction reports screened in 2025 — up 43% in one year — for a financial centre of some 40,000 residents.

Key legislation

5
Finanzmarktaufsichtsgesetz (FMA Act, 2004)

Founding statute — authority operational 1 January 2005

Bankengesetz (BankG)

Banking Act

EWR-MiCA-DG (EEA MiCA implementing act)

CASP authorisation and supervision

EWR-DORA-DG (EEA DORA implementing act)

Digital operational resilience

TVTG (Blockchain Act, 2020)

VT service provider registration; transition to MiCA ends 1 July 2026

Registers, portals and publications

Public registers

FMA register

Application portals

FMA e-service portal

Recent publications

FMA Geschäftsbericht 20252026-04-16
Data as of 31 December 2025 · Source: www.fma-li.li + ComplyBridge researchActivity Index methodology →