The Swiss federal government has submitted a legislative review plan to the parliament, aimed at removing legal obstacles that hinder innovation based on blockchain and DLT technology.
At a meeting on November 27, the Federal Council of Switzerland adopted a proposal to improve the legislative framework for new technologies. According to a statement from the federal financial department of Switzerland, the decision is aimed at
“Increasing legal certainty, removing barriers to distributed ledger (DLT) applications and reducing the risk of abuse.”
The legislation, drafted as a “general framework”, proposes amendments to nine federal acts in the civil and financial field.
Switzerland is already known as a friendly cryptocurrency and blockchain jurisdiction. The Zug region is home to a large number of companies in the industry and even Facebook has chosen to register the Libra Association in this country.
Swiss Federal Council for Blockchain and DLT
In 2018, the Federal Council of Switzerland decided to regulate cryptocurrencies and blockchain in accordance with existing financial laws. At that time, some amendments to the securities law were proposed to increase the legal certainty of crypto tokens.
In the same year, the Financial Market Supervisory Authority introduced a new fintech license with “relaxed” requirements. This has facilitated the registration of blockchain and crypto companies as national service providers.
However, the Federal Council stated that there is room for improvement of the existing legal framework. To address them, a series of amendments to existing laws in March were proposed, which were published for public consultation. Following approximately 80 responses, the amendments have now been reviewed and adopted by the Council.
The proposed legislation is to be examined by the Swiss parliament in early 2020.
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