Swiss federal government through parliament a revised plan aims to remove the legal obstacles still holds blockchain and technological innovations based on distributed book (DLT).
At a meeting on November 27, the Federal Council – which is the executive body of the federal government – adopted a proposal to improve the legislative framework for the nascent technology. According to the notification from the Swiss federal finance department, the move aims to “improve the legal certainty, remove barriers to technology-based applications distributed ledger (DLT) and reduce the risk of abuse.”
Legislation, which was developed as a “framework blanket,” nine amendments proposed federal actions across the civil law and the financial markets, according to the announcement.
This nation is already known as one of the crypto and blockchain friendly, the Zug region play host to a large number of industrial enterprises. Facebook also choose to combine Libra Association in Switzerland.
In 2018, the Federal Council issued a report saying that it would set the crypto and blockchain largely under finance laws that exist, despite amendments to securities legislation also proposes to increase legal certainty crypto token. In the same year, the Financial Market Supervisory Authority introduced new fintech license with “relaxed” requirements applicable to blockchain and cryptocurrency company.
In an announcement today, the Federal Council said in 2018 reports have indicated that the existing legal framework in Switzerland is “suitable” for new technologies such as DLT. However, it also shows that there is room for improvement in some areas.
To counter that, the Federal Council opened a number of proposed changes to the existing law for consultation in March. Below about 80 responses, a revised amendment has been more and, now, was adopted by the board.
The proposed legislation is expected to be examined by the Swiss parliament in early 2020.
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