FMA publishes Annual Report 2025

Landstrasse 109 • P.O. Box 279 • 9490 Vaduz • Liechtenstein Phone +423 236 73 73 • www.fma-li.li • info@fma-li.li Press Release Date 16 April 2026 Location Vaduz FMA publishes Annual Report 2025

• The Financial Market Authority (FMA) Liechtenstein has published the 2025 Annual Report.
• Against the backdrop of geopolitical developments, the Liechtenstein financial sector has once again demonstrated stability.
• Since late 2025 or early 2026, new intermediaries have begun participating in the Liechtenstein financial market. For the first time, a covered bond institute and several crypto-asset service providers have been approved.
• The crypto-asset service providers are registered under Regulation (EU) 2023/114 on Markets in Crypto-Assets (MiCAR), which entered into force in early 2025.
• The DORA Implementation Act also entered into force in January 2025. Furthermore, the legal framework for the supervision of banks and securities firms was completely revised, and the structure of national laws was aligned with the regulatory structure of EEA law. The new legal framework entered into force on 1 February 2025.
• The FMA has long been committed to reducing bureaucratic hurdles and increasing efficiency. This remains a particular focus in 2026. To this end, a project was launched at the end of 2025.
  The FMA provides detailed information in its Annual Report on regulatory developments at the Liechtenstein financial market over the past year.
  The year 2025 was characterized by a challenging macroeconomic environment. Persistent geopolitical tensions, rising protectionist tendencies, and the ongoing fragmentation of global trade weighed on global economic development, resulting in overall weak investment and growth dynamics. Nevertheless, the financial market once again demonstrated macroeconomic stability.
  Supervision and Regulation
  Supervisory activities focused on ICT risks, anti-money laundering, and compliance with foreign sanctions. Additionally, the development of the supervisory and regulatory framework shaped the reporting year. With the entry into force of significant European legislation – including Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCAR) and the DORA Implementation Act – important foundations were laid for a resilient and future-proof financial system. The entry into force of MiCAR also created new authorization categories. In December 2025, the first crypto-asset service providers (CASPs) in Liechtenstein received authorization to conduct activities under MiCAR. CASPs are permitted to provide services related to crypto-assets, such as the custody and administration of crypto-assets for clients. Liechtenstein is thus among the 18 EEA states that have already granted MiCAR authorizations. 2 / 2 In early 2026, a covered bond institute was also approved in Liechtenstein for the first time. A covered bond institute is an institution with a restricted scope of business that holds authorization to issue covered bonds for the purpose of refinancing its members. Members of a covered bond institute can only be banks that hold a license under the Banking Act and have their seat in Liechtenstein. Covered bonds are proven and valuable instruments for the stable and crisis-resistant refinancing of banks, thereby strengthening the stability of Liechtenstein's financial market. The basis for approval was the introduction of the Covered Bond Act in December 2024. Enforcement In 2025, the FMA conclusively closed 75 enforcement proceedings. Of the 75 closed proceedings, 30 were administrative proceedings, 42 were administrative penalty proceedings, and three were combined proceedings. 37 proceedings were pending as of 1 January 2026. Of the 75 closed proceedings, 17 ended with a discontinuation (partly after the legally binding imposition of measures), measures were prescribed in 34 cases via a simple letter, seven ended with a final decision, seven with a settlement, and ten with an administrative order or administrative penalty order. During the reporting period, fines totaling CHF 590,000 became legally binding in 17 different proceedings. Fines amounting to CHF 60,000 were imposed in three additional proceedings, but these are not yet legally binding. The amounts will be credited to the state treasury. The majority of the fines (13) were imposed due to violations of the Due Diligence Act. Other fines concerned, in particular, breaches of conduct rules, reporting obligations, and violations of risk management provisions. Institution Efficiency, a lean state, and non-excessive bureaucracy and regulation are central factors for Liechtenstein's international competitiveness. The FMA has long been committed to reducing bureaucratic hurdles and increasing efficiency. Given a continuously growing portfolio of tasks and new regulatory requirements, the Supervisory
  Board issued a project mandate in December 2025 for the FMA to systematically identify further optimization and simplification potential. The goal is to review regulatory requirements, processes, and internal procedures for proportionality and results-orientation. This is intended to ensure both relief for supervised entities and sustainably efficient task fulfillment by the FMA. The Financial Market Authority (FMA) Liechtenstein, in accordance with its statutory mandate, ensures the stability of the Liechtenstein financial market, protects clients, prevents abuses, and implements and complies with recognized international standards. As an integrated and independent supervisory authority, the FMA supervises financial market participants in Liechtenstein. It ensures the implementation of international standards and works on behalf of the government to prepare financial market legislation. At the European and global levels, the FMA is represented in all relevant supervisory organizations. For further information, please contact:
  Lukas Müller
  Phone +423 236 62 22 lukas.mueller@fma-li.li www.fma-li.li