AGP Executive Report

EFTA–Vietnam Trade Deal: EFTA ministers say negotiations with Vietnam are now concluded, paving the way for a comprehensive free trade agreement covering goods and services, rules of origin, investment, IP, competition, trade remedies and government procurement—an important boost for Liechtenstein and its EFTA partners as tariff pressure rises. Wealthtech Deal: Objectway is acquiring FNZ’s Swiss private banking technology business (formerly New Access), bringing 160+ staff and tech used by 40+ private banks, and strengthening Objectway’s core-to-digital platform across Switzerland and Liechtenstein. Crypto Regulation in Focus: Sygnum is scaling EU access after securing a MiCA-related licence path via its Liechtenstein base, while broader MiCA deadlines are pushing some crypto firms to relocate toward more permissive hubs like Dubai. Border-Business Headache (EES): The EU’s Entry/Exit System is still triggering major airport delays for travellers, with airlines warning of long queues and urging earlier arrivals—an issue that can quickly spill into cross-border travel and business schedules. Travel Rule Update (UK eGates): From July 8, UK airports will ease eGate security rules for some children aged eight and nine, aiming to reduce passport-control bottlenecks for families. AI Adoption Gap (Swiss/Liechtenstein Banking): A Synpulse study finds strong interest in AI but low deployment in banking across Switzerland and Liechtenstein, highlighting a big gap between pilots and live use.

FIS Leadership & Gender Debate: Liechtenstein’s Alexander Ospelt was named the next president of the International Ski and Snowboard Association, stepping in during a tense period for Nordic combined as the IOC weighs whether to drop the men’s event rather than add women; Ospelt is expected to push for women’s inclusion while defending the sport’s current format. EFTA–Vietnam Trade: EFTA (including Liechtenstein) and Vietnam have concluded and signed a “comprehensive” free trade agreement covering goods and services, investment, IP, procurement, and sustainable development—aimed at boosting market access amid global uncertainty. EU–Turkey Payments Push: EU Economy Commissioner Valdis Dombrovskis says Turkey has expressed interest in joining the Single Euro Payments Area, a move seen as strategically important for euro-area transaction links. Liechtenstein Crypto Expansion: Sygnum activated its MiCAR licence for its Liechtenstein-based unit, enabling Sygnum Europe to serve EU/EEA clients directly with custody, trading, and bank-to-bank infrastructure. Border-Check Friction for Travelers: The EU’s Entry/Exit System is driving long queues and operational strain at multiple European airports, with airlines urging extra travel time during peak summer.

Liechtenstein in the spotlight for crypto regulation: Sygnum has activated its MiCAR-era CASP licence for its Liechtenstein unit, giving Sygnum Europe passport access into the EU/EEA and expanding product lines for private wealth, institutions and banks. EU travel friction hits business mobility: The EES (Entry/Exit System) is driving airport delays of up to 4–6 hours, while the UK ETA scheme is fully in force and new eGate rules from July 8 will ease security checks for some children. MiCA deadline reshapes the market: With MiCA’s transition ending July 1, many crypto firms face loss of EU authorization, pushing migration toward jurisdictions like the UAE. Healthcare and pharma cross borders: SERB Pharmaceuticals completed rights to Idefirix (imlifidase) covering the EU plus Liechtenstein, and Neuren’s DAYBU (trofinetide) gained a positive EU CHMP opinion for Rett syndrome. Trade policy and steel costs: New EU steel import quotas and higher tariffs take effect July 1, with Switzerland affected and Liechtenstein/EEA states exempt. AI in banking, slow uptake: A Synpulse study finds AI interest in Switzerland and Liechtenstein far outpaces actual adoption.

MiCA Shockwaves for Crypto: With the EU MiCA transition ending July 1, crypto firms without authorization risk losing the right to serve EU clients, triggering a scramble toward Dubai’s lighter regime. Liechtenstein Finance Push: Sygnum has activated its Liechtenstein CASP licence under MiCAR, positioning Sygnum Europe to passport into the EU/EEA with direct client access. Wall Street AI Crowding Fears: New research warns that widespread AI use in trading could shorten the life of profitable signals and make markets easier to manipulate. EU Steel Protection Tightens: From July 1, the EU cuts duty-free steel quotas and raises tariffs on over-quota imports, with Switzerland affected but Liechtenstein/EEA states exempt. Cross-Border Travel Friction: The EU’s Entry/Exit System is still causing long queues and delays, and some countries are considering waivers for Brits. Healthcare Rules for Families: Parents are being reminded how EES applies to children, including fingerprint rules by age. Pharma Deal & Approvals: SERB completed rights acquisition for Idefirix across EU/UK/EEA and MENA, while Neuren’s DAYBU (trofinetide) gained a positive CHMP opinion for EU marketing. Objectway Expansion: Objectway bought FNZ’s Swiss private banking tech business to strengthen its pan-European private banking platform.

MiCA & Liechtenstein Finance: Sygnum has switched on its MiCAR operations via a CASP licence for its Liechtenstein unit, giving Sygnum Europe passport access to serve EU/EEA clients directly—backed by its banking platform, custody, and bank-to-bank infrastructure aimed at private wealth and institutions. Crypto Compliance Pressure: With MiCA’s July 1 deadline looming, many unauthorised crypto providers face a shutdown risk; the coverage points to a major migration toward the UAE as firms scramble for faster licensing. EU Travel Disruption: The EU’s Entry/Exit System is still causing long queues and delays at airports, with Brits and other non-EU travellers reporting hours of disruption during peak summer. EU Steel Protectionism: New EU steel rules cut duty-free quotas and raise tariffs for over-quota imports, with Switzerland affected (Liechtenstein/EEA exempt). Healthcare & Biotech: Neuren’s Rett syndrome drug DAYBU cleared a key European Medicines Agency step with a positive CHMP opinion, moving toward final EU approval. Local Business Watch: Switzerland’s casino market fell 2.1% in 2025 under the new concession cycle, with mixed online vs land-based performance.

MiCAR in the spotlight for Liechtenstein finance: Sygnum Europe has switched on operations under its Liechtenstein CASP licence, giving the Liechtenstein-based unit passporting access across the EU/EEA as the MiCAR transition ends on 30 June. The firm says its banking-backed setup—accounts, custody, and bank-to-bank infrastructure—aims to help high-net-worth clients, institutions and banks launch regulated crypto services across Europe. EU steel protection ramps up: From 1 July, the EU cuts duty-free steel quotas by 47% to 18.3m tonnes and raises the tariff on over-quota imports to 50% (from 25%), with half the quota reserved for FTA partners. Switzerland, including Liechtenstein’s EEA exemption context, faces tighter access. MiCA deadline triggers crypto reshuffle: With July 1 looming, crypto providers without authorisation are expected to exit or relocate; reporting points to a surge of interest in the UAE as firms seek faster licensing paths. Health & markets: Neuren Pharmaceuticals’ Rett drug DAYBU (trofinetide) cleared a major hurdle after the EMA CHMP issued a positive opinion, moving the case to a European Commission decision.

MiCA Deadline Looms for Crypto Firms: With the EU’s MiCA transition ending July 1, Liechtenstein and other EEA-based providers face a hard stop: only 244 of 3,000+ previously registered crypto firms secured MiCA authorisation, and estimates suggest up to 80% may not survive the switch as licensing and capital locks bite. Sygnum Expansion from Liechtenstein: In contrast, Swiss digital asset bank Sygnum says its Liechtenstein subsidiary has won a MiCA licence, giving it direct EU/EEA access and a push into private wealth and institutions. Healthcare Cross-Border Rules: A guide explains how EU cross-border healthcare works in practice—when prior authorisation applies, what costs are covered, and how patients claim—highlighting the legal and administrative friction behind “medical freedom.” Rett Treatment Clears EU Hurdle: Neuren’s DAYBU (trofinetide) gained a positive CHMP opinion for EU marketing, with Acadia’s partner pathway now awaiting the European Commission decision. Trade & Compliance Watch: The UK’s new consolidated dual-use export licence aims to cut paperwork while keeping controls tight, and Brussels is reportedly weighing broader anti-subsidy tariffs for Chinese plug-in hybrids.

Crypto Regulation: MiCA’s July 1 deadline is set to squeeze Europe’s unlicensed crypto providers hard, with only 244 of 3,000+ prior registrants reportedly securing authorization; industry leaders warn up to 80% may not survive the transition as licensing can take 12–24 months and cost as much as €700,000. Pharma Approvals: Neuren Pharmaceuticals’ partner Acadia won a positive CHMP opinion for DAYBU (trofinetide) for Rett syndrome neurobehavioral symptoms, moving to an expected European Commission decision; separately, Merck’s KEYTRUDA plus Padcev gained EU approval for a perioperative bladder cancer regimen for cisplatin-ineligible patients. Gambling Market: Switzerland’s casino gross gaming revenue slipped 2.1% in 2025 under the new concession cycle, with land-based down 3.9% while online rose 1.2%. EU Tech & Payments: Google is cutting Play Store service fees in the EEA/UK to 10% for new installs (with a “billing choice” option), continuing pressure on app-store take rates. Trade Policy Watch: Brussels is reportedly weighing anti-subsidy duties on Chinese plug-in hybrids, potentially reshaping one of the fastest-growing import routes into Europe.

Regulatory Pharma: Neuren Pharmaceuticals’ Rett syndrome drug Daybu (trofinetide) cleared a major hurdle after the EMA’s CHMP reversed course and issued a positive opinion, paving the way for a European Commission decision; if approved, it would be the first EU treatment for Rett neurobehavioral symptoms for patients aged five and older, with potential sales milestones and royalties for Neuren and partner Acadia. Regulatory Pharma: Merck (MSD) also won EU approval for Keytruda plus Padcev as a perioperative regimen for cisplatin-ineligible adults with resectable muscle-invasive bladder cancer, aiming to cut recurrence and death risk. Crypto & Finance (Liechtenstein): Bitcoin Suisse secured a MiCAR licence from Liechtenstein’s financial regulator, enabling regulated crypto services across selected EEA markets, while OpenPayd obtained MiCA authorization to expand stablecoin and custody services ahead of the July 1 deadline. Trade & Policy: Thailand pushed for more trade diversification, including an FTA path with EFTA (Switzerland, Liechtenstein, Norway, Iceland) and continued EU talks, as it seeks to reduce reliance on the US. Business & Legal: A court in Ontario allowed fraud claims to proceed against a Liechtenstein-based trustee, rejecting jurisdiction objections and keeping cross-border trust disputes in focus.

Crypto Regulation & Expansion: Bitcoin Suisse secured a MiCAR Crypto Asset Service Provider licence from Liechtenstein’s Financial Market Authority, giving the Zug-based firm a regulated base to expand across selected EEA markets; OpenPayd also landed MiCA authorisation to offer fiat-to-stablecoin services, custody and stablecoin transfers across the EEA ahead of the July 1 deadline. EU Health Approvals: The European Commission approved Merck/MSD’s KEYTRUDA plus Padcev for cisplatin-ineligible resectable muscle-invasive bladder cancer, and Acadia’s DAYBU (trofinetide) received a positive CHMP opinion for Rett syndrome neurobehavioral symptoms. Trade & Market Access: Thailand pushed to diversify away from US dependence and highlighted a growing FTA push, including a planned Thailand–EFTA deal (Switzerland, Liechtenstein, Norway, Iceland). Business & Compliance Tech: A private credit industry piece argues operational infrastructure and faster reporting are becoming as critical as returns as firms scale and face tougher portfolio oversight. Legal/Finance: An Ontario court cleared fraud claims to proceed against a Liechtenstein-based trustee, rejecting jurisdiction objections. Energy Transition: A report flags offshore wind as a fast-growing investment theme for the Philippines amid energy security pressures.

UAE Travel Access: The UAE expanded visa-free entry to citizens of about 70 countries, while also widening visa-on-arrival options for travellers from six more countries—an update that should boost both tourism and business travel into Dubai and Abu Dhabi. EU Pharma Approvals: Acadia’s DAYBU (trofinetide) won a positive CHMP opinion for Rett syndrome neurobehavioral symptoms, and Merck/MSD’s Keytruda plus Padcev secured EU approval for a key bladder cancer perioperative use case—both moves underline how fast EU drug decisions can reshape treatment access. Liechtenstein & Crypto Regulation: Bitcoin Suisse received a MiCAR CASP licence from Liechtenstein’s FMA, giving it a regulated base to expand across selected EEA markets; OpenPayd also secured MiCA authorisation for stablecoin and custody services. Trade & Market Links: Thailand pushed ahead with plans to deepen trade ties, including an expected Thailand–EFTA (Switzerland, Norway, Iceland, Liechtenstein) FTA, while Brussels weighs new steps affecting Chinese car growth in Europe. Private Credit Ops: A focus on private credit’s operational backbone—IT, reporting, and portfolio visibility—signals where managers are being pressured as fundraising slows.

Crypto Regulation & Expansion: Bitcoin Suisse (Europe) AG secured a MiCAR Crypto Asset Service Provider licence from Liechtenstein’s FMA, giving the Zug-based group a regulated base to expand selected EEA services such as trading, custody and staking. Stablecoin Infrastructure: OpenPayd also obtained MiCA authorization, enabling fiat-to-stablecoin on/off-ramping, custody and stablecoin transfers across the EEA ahead of the July 1 deadline. EU Pharma Approvals: Merck/MSD won EU approval for KEYTRUDA plus Padcev as perioperative treatment for cisplatin-ineligible resectable muscle-invasive bladder cancer, while Acadia’s DAYBU (trofinetide) received a positive CHMP opinion for Rett syndrome neurobehavioral symptoms. Trade & Markets: Thailand pushed for more trade diversification, including a planned Thailand–EFTA deal (Switzerland, Liechtenstein, Norway, Iceland) and continued EU FTA talks. Legal/Finance: An Ontario court cleared a fraud case to proceed against a Liechtenstein-based trustee, citing a real connection to Ontario where the alleged misappropriation occurred.

Crypto Regulation in Liechtenstein: Bitcoin Suisse (Europe) AG received a MiCAR Crypto Asset Service Provider licence from Liechtenstein’s FMA, giving the Zug-based group a regulated base to expand services across selected EEA markets, with Roman Przibylla appointed to lead the rollout. Stablecoin Infrastructure: OpenPayd also secured MiCA authorisation, enabling regulated fiat-to-stablecoin conversions, custody and stablecoin transfers across the EEA ahead of the July 1 deadline. EU Pharma Approvals: Acadia’s DAYBU (trofinetide) won a positive CHMP opinion for Rett syndrome neurobehavioral symptoms in adults and children aged five-plus, while Merck/MSD’s Keytruda plus Padcev gained EU approval for cisplatin-ineligible resectable muscle-invasive bladder cancer. Trade & Markets: Thailand pushed for more trade diversification, including a planned Thailand–EFTA FTA (covering Switzerland, Liechtenstein, Norway and Iceland) and ongoing talks toward a Thailand–EU deal. Business & Compliance Tech: A new partnership aims to link identity verification with Qualified Electronic Signatures in one onboarding journey across all 27 EU member states.

Crypto Regulation in Liechtenstein: Bitcoin Suisse (Europe) AG secured a MiCAR Crypto Asset Service Provider licence from Liechtenstein’s FMA, giving the Zug-based group a regulated base to expand across selected EEA markets with services like trading, custody and staking. Stablecoin Infrastructure: OpenPayd also obtained MiCA authorisation, enabling fiat-to-stablecoin on/off-ramping, custody and stablecoin transfers across the EEA via a single platform. EU Pharma Approvals: The European Commission approved Merck/MSD’s KEYTRUDA plus Padcev for cisplatin-ineligible resectable muscle-invasive bladder cancer, and separately approved Gilead’s Trodelvy for first-line metastatic triple-negative breast cancer ineligible for PD-1/PD-L1 therapy. Cross-Border Banking Rules: EU CRD VI’s licensed-branch requirement for third-country lenders providing core services to EU borrowers takes effect from 11 Jan 2027, with implications for loan documentation. Trade & Markets: Thailand pushed for more diversification beyond the US and highlighted an FTA path that includes Thailand–EFTA (Switzerland, Norway, Iceland, Liechtenstein). Business Travel Boost: The UAE expanded visa-on-arrival to citizens of six countries, supporting tourism and business links.

Crypto Regulation & Expansion: Bitcoin Suisse (Europe) AG has received a MiCAR Crypto Asset Service Provider licence from Liechtenstein’s FMA, giving the Zug-based group a regulated base to expand crypto trading, custody and staking services across selected EEA markets. Stablecoin Infrastructure: OpenPayd also secured MiCA authorisation, enabling fiat-to-stablecoin on/off-ramping, custody and stablecoin transfers across the EEA via a single licence. Payments & Compliance Tech: Shufti and Evrotrust say they’ve closed a key onboarding gap by combining identity verification with Qualified Electronic Signatures in one EU-wide journey. Healthcare Approvals: The European Commission approved MSD’s Keytruda plus Padcev for cisplatin-ineligible resectable muscle-invasive bladder cancer, and Gilead’s Trodelvy for first-line metastatic triple-negative breast cancer ineligible for PD-(L)1 therapy. Trade & Markets: Thailand’s commerce ministry is pushing a wider FTA network, including a planned Thailand–EFTA deal covering Switzerland, Liechtenstein, Norway and Iceland. Legal & Finance: An Ontario court allowed fraud claims to proceed against a Liechtenstein-based trustee, citing a real and substantial connection to Ontario. Business Environment: Google expanded financial advertiser verification across 24 EEA markets, including Liechtenstein, to curb scams.

Crypto Regulation in Liechtenstein: Bitcoin Suisse (Europe) AG secured a MiCAR Crypto Asset Service Provider licence from Liechtenstein’s FMA, giving the Zug-based group a regulated base to expand across selected EEA markets. Stablecoin Infrastructure: OpenPayd also obtained MiCA authorization to offer fiat-to-stablecoin on/off-ramping, custody and stablecoin transfers across the EEA, ahead of the July 1 deadline. Payments & Compliance Tech: Google expanded its financial advertiser verification to 24 additional EEA markets, including Liechtenstein, to curb unauthorized financial ads. Healthcare Approvals: The European Commission approved MSD’s Keytruda plus Padcev for cisplatin-ineligible resectable muscle-invasive bladder cancer, and Gilead’s Trodelvy for first-line metastatic triple-negative breast cancer in the EU plus Norway, Iceland and Liechtenstein. Cross-Border Finance Dispute: An Ontario court ruled it has jurisdiction over fraud claims tied to a Liechtenstein-based trustee, after alleged misappropriation of trust funds in Ontario. Trade & Market Access: Thailand pushed for trade diversification via new and ongoing free trade agreements, including an EFTA track involving Liechtenstein.