Switzerland’s government continues to lead the way in blockchain regulation, approving a raft of new laws that amend existing statutes to bring them in line with advancements in blockchain and crypto-asset technology. The new laws approved by Swiss parliament are expected to come into force early next year. The amendments apply to several statutes and have been drafted with concern for the potential damage wrought by under-regulation in this area, balanced by the need for a commercially sensible regime that does not stifle industry growth.
Switzerland continues to grow as an innovative and fintech destination.
Throughout the consultation and drafting process, the Swiss Federal Council made it clear that the objective of new laws is to create the best possible framework so that Switzerland can continue to grow as a leading, innovative and sustainable blockchain and fintech destination. Globally, we are now entering a phase of execution, where regulators are beginning to engage by implementing new laws and legal frameworks, as well as removing those players who are intentionally disregarding the core rules of the cross-border investment game directly,” a Swiss regulator explained.
Crypto regulations in most countries remain in a grey area.
Crypto regulations in most countries continue to remain in a grey area. However, some countries have embraced the tech and innovation behind crypto and have provided the industry with favorable regulations. South Korea earlier this year passed legislation making crypto trading legal in the country. Crypto regulations in the United States are also unclear in the most number of states. Earlier, US CFTC said that they are planning on making a ‘holistic framework’ for the crypto industry. Earlier, it was reported that Indian lawmakers are planning to ban the use of crypto entirely in the country. On the other hand, Switzerland has continued to lead in this sector by implementing regulations that favor the industry.