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Switzerland has adopted a set of laws that creates the basis for the regulation of the crypto industry

Sep 19, 2020 | News
Switzerland has adopted a set of laws that creates the basis for the regulation of the crypto industry

On September 10, 2020, Swiss parliamentarians supported a package of amendments dedicated to the legal regulation of everything related to blockchain technologies. These amendments to the current legislation, also called the "Blockchain Act", passed through the House of Representatives back in the summer with little or no resistance or correction. So we can hope that they will start functioning at the beginning of 2021.

Unlike neighbouring Liechtenstein, where it was decided to create a new legislative framework for cryptocurrencies and blockchains from scratch, in Switzerland it was decided to slightly correct the existing regulatory framework. The emphasis was placed on defining the basic rules for exchanging digital securities, on the procedure for returning assets from bankrupt companies and the bankruptcy procedure itself, as well as on the special requirements that cryptocurrency exchanges must meet in order for them to be allowed to operate in the country.

According to the head of the Swiss Blockchain Federation, Heinz Tenler: "Starting next year, our country will have one of the most progressive regulatory frameworks."

Currently, there are about 900 blockchain technology companies operating in Switzerland. These are cryptocurrency banks, and real estate-related businesses, and ultra-secure cryptocurrency storages, and digital stock exchanges, and much more. Including well-known projects all over the world, such as, for example, Libra.

It is also worth noting that there have already been some initiatives to introduce more active use of cryptocurrency in the field. So, for example, the authorities of the canton of Zug since February 2021 have allowed taxes to be paid not in fiat currency, but in bitcoins and ether. And not only for individuals, but also for official companies.

However, it is not yet known whether the new legislative framework will give an impetus for the further development of the digital economy or, conversely, will seriously slow it down.

Published on the EXBASE based on materials from forklog.com