The advent of blockchain technology and digital assets has created much interest, but attention has largely centred on just two products: cryptocurrencies and non-fungible tokens (NFTs). There is untapped potential here. What is needed are platforms and services that can leverage on the sector’s principles and technologies to create value and/or solve existing problems.
Enter VP Bank, which has accomplished both with its new art tokenisation service. This closely follows the passing of the Blockchain Act in Liechtenstein, where the bank is headquartered.
Will Wang, Head of Client Solutions & Strategic Partnerships Asia at VP Bank says: “Tokenisation, digital assets and crypto arrived many years ago. But these didn’t see as many “real” transactions”. A key reason for that was the initial lack of proper regulation. In January 2020, the Parliament of Principality of Liechtenstein passed a blockchain act, enabling a very stable, accountable legal framework that helps to achieve two certainties. One, for investors, where this law represents Investor Protection very strongly, and two, for the operators who also need to be in a stable and certain legal, regulatory environment. This law allowed tokenisation to not only be possible, but flourish”.
This isn’t just an innovative service that can fundamentally change how art and other rare objects
