Token Offering Structuring and Execution
Specialized legal services for companies conducting token offerings including Initial Coin Offerings (ICO), Security Token Offerings (STO), and Initial Exchange Offerings (IEO). Niedermüller Attorneys at Law accompanies clients through the entire process from structuring to execution and listing, leveraging Liechtenstein's pioneering Blockchain Act (T-VTG) that came into force in 2020.
For Security Token Offerings, services include prospectus preparation, ensuring compliance with EU Regulation 2017/1129 (Prospectus Regulation), and leveraging Liechtenstein's passporting capabilities to access the entire EEA market. The firm advises on the distinction between utility tokens and security tokens, regulatory classification, and appropriate structuring to meet legal requirements.
For all token offering types, the firm provides guidance on issuer obligations, investor protection requirements, disclosure standards, and coordination with the Liechtenstein Financial Market Authority (FMA). They also advise on procedures for admitting tokens to trading venues and exchanges, ensuring compliance with both local and EU-level regulations.
Prospectus Preparation and EU Market Access
Comprehensive services for preparing and obtaining approval of prospectuses under the EU Prospectus Regulation (EU 2017/1129), with particular expertise in leveraging Liechtenstein's passporting capabilities to access EU capital markets. The preparation and approval of a prospectus is a key legal step for public offerings of securities or admission to trading.
Services include drafting prospectuses that comply with EU harmonized standards, coordinating with the Liechtenstein FMA for prospectus approval, and utilizing the passporting mechanism to market securities across all EU/EEA member states without requiring separate approvals in each jurisdiction. The firm advises on the specific advantages of using Liechtenstein as the approval jurisdiction, including regulatory efficiency and favorable framework conditions.
The firm stays current with developments in EU capital markets law, including recent changes under the EU Listing Act, and advises clients on how these developments affect prospectus requirements and passporting procedures. For security token offerings, they provide integrated advice combining traditional securities law with blockchain-specific considerations.
Integrated Expertise
Niedermüller's expertise in both the Liechtenstein Blockchain Act and financial market regulations (MIFID II) enables them to navigate the complex intersection of securities law and blockchain technology. This service is particularly valuable for blockchain and fintech companies seeking to raise capital through compliant public offerings while maintaining access to the broad European investor base. The firm's Managing Partner Matthias Niedermüller is ranked in Tier 2 by Chambers Global for Corporate/Commercial, and Partner Giuseppina Epicoco is recognized as "Up and Coming" in Corporate/Commercial, demonstrating their standing in this specialized field.
