Client unnamed · Liechtenstein operating company · energy / infrastructure · 2019–2026 file still active.
The headline everyone remembers
On 21 November 2019 the Liechtenstein Financial Market Authority approved a token prospectus drawn as an EU growth prospectus under Regulation (EU) 2017/1129 — reportedly the first under the new regime in Liechtenstein. Blockchain | Security Token Offering: equity-shaped tokens, TVTG-native, counsel on the legal opinion, external custodian for ETH subscription proceeds, our stack for smart contracts, project management, and whitelisting.
That sentence is true. It is also the easy part.
What we actually built
- Prospectus track — Scheiber Law (Liechtenstein) on prospectus and legal opinion; growth prospectus format for an EWR issuer.
- Technology — token logic, investor onboarding, KYC portal live at a dedicated subdomain; contract ownership deliberately with the custodian, not the issuer’s marketing site.
- Operations — Herrengasse 30 co-tenancy; SaaS relationship with the issuer running into subsequent years (memos on 1% fees, VideoIdent, VAT, smart-contract handover).
- Register reality — share register, HR extract, and investor-facing token ledger had to stay one story.
What came after approval (why «mandate» not «project»)
Subscriptions in crypto when classical banks ask for a Kapitaleinzahlungskonto. Correspondence with the authority when process stalls on evidence, not substance. Wind asset SPAs, rental at Herrengasse 30, Acronis-era side letters — a operating company, not a whitepaper.
We wrote separately about consecutive capital increases — bank PDF vs ETH wallet, Sacheinlage, and the Wirtschaftsprüfer letter that closed the file. This mandate is the parent file: regulated issuance that had to survive contact with real money, real auditors, and real neighbours in the same building.
What we would tell the next issuer
- Budget for post-approval as heavily as pre-approval — whitelisting, subscription mechanics, bank/custodian friction.
- Pick counsel and token generator once; do not split ownership of the smart contract mid-raise.
- If you want ETH subscriptions, decide in the prospectus narrative — not the week before close.
We do not name the issuer here. The public approval notice and KYC URL are still findable for those who know where to look. The work worth hiring for is everything that happened after the LinkedIn post.