The European DORA regulation spans about 100 pages dedicated to operational resiliance in the financial sector. It serves as a comprehensive survival guide including for crypto asset service providers and their ICT providers. It mandates teams to thoroughly investigate their systems and integrations, encouraging self-awareness to minimize risks and mitigate the impact of technical failures. It also provides guidance on how to respond and who to notify when the impossible happens. Would DORA have prevented the Terra collapse? Probably not. But could DORA make life easier for those relying on experimental chains with downtime issues after code updates? Most likely, yes.

The growth of decentralized finance (DeFi) and real-world asset (RWA) tokenization presents unique regulatory challenges in Switzerland, Liechtenstein, and the EU. In DeFi, the absence of centralized intermediaries complicates compliance with traditional regulatory frameworks. Switzerland employs a principle-based approach, applying Anti-Money Laundering (AML) rules and investor protection standards to balance innovation with risk mitigation. In the EU, efforts to regulate DeFi are advancing under the Markets in Crypto-Assets (MiCA) framework, though the status of fully decentralized platforms remains unclear, leaving a compliance gray area.

RWA tokenization is transforming the ownership and trading of real estate, precious stones, and both physical and digital art. Switzerland often treats tokenized assets under securities law, requiring issuers to ensure transparency, investor protection, and secure custody. Liechtenstein’s Blockchain Act offers flexible legal wrappers for tokenized assets, while the EU similarly emphasizes compliance with securities and transparency regulations. Use cases for tokenization range from fractional ownership of real estate to digitized rare art collections, enabling new opportunities for investors but demanding careful legal structuring.

Both DeFi and RWA tokenization highlight the need for tailored regulatory frameworks that foster innovation while ensuring market integrity, transparency, and consumer protection across jurisdictions.