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Financial Market Authority Liechtenstein
FMA Liechtenstein · Financial supervisory authorityProlific
Employees
130
· employeesFY2025
Annual budget
CHF 30.2m (~€32.5m)
· FY2025FY2025
Supervised entities
254
· 11 banks + 30 insurers + 89 AMCs + 3 EMIs + 1 PI + 89 investment firms /AMCs / other regulated firmsFY2025
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
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)
| Item | Value |
|---|---|
| Employees | 130 |
| Budget | CHF 30.2m (~€32.5m) Financing model: supervisory levies + state contribution capped at CHF 6m/yr |
Supervised entities (end-2025)
| Item | Value |
|---|---|
| Laws under FMA supervision/enforcement | 49 6 added in 2025 (incl. EWR-MiCA-DG, EWR-DORA-DG, Pfandbriefgesetz, new banking/investment-firm framework) |
| Banks | 11 Unchanged y/y |
| Insurance undertakings | 30 −2 (two market exits) |
| Asset management companies | 89 Unchanged; investment firms also unchanged; EMIs 3 · PIs 1 |
| Trust companies / trustees | 226 / 121 Trust companies +7; trustees −5 net |
| 180a-Act licence holders | 200 +24 entries / −10 exits |
| UCITS funds / AIFs | 223 / 319 Products under supervision |
Licensing 2025 — MiCA & TVTG
| Item | Value |
|---|---|
| CASPs (MiCA) | 3 First 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 roles 0 new registrations in 2025, 2 waivers; TVTG transition to MiCA ends 1 July 2026 |
| Prospectuses approved | 28 36 in 2024 |
Supervisory activity 2025
| Item | Value |
|---|---|
| On-site inspections (non-AML) | 32 Incl. 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 other Own controls; plus mandated controls via external auditors |
| Transaction reports processed | ~12 million +43% y/y (~33,000/day); 2,518 alerts analysed |
| FIU reports | 22 Suspected ML / predicate offences / terrorist financing |
| Public warnings | 9 Mostly clone firms |
| Whistleblowing reports | 13 Actionable reports received |
| Regulatory projects in implementation | 36 End-2025 |
Enforcement 2025
| Item | Value |
|---|---|
| Enforcement proceedings concluded | 75 30 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 | 51 38 of them occupational-pension (BPVG) breaches |
Notable 2025
| Item | Value |
|---|---|
| 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
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
Public registers
Application portals
Recent publications
- FMA Geschäftsbericht 2025
2026-04-16