Swiss lawmakers have introduced a new system of laws for regulating crypto and blockchain in the country. The new regulations, passed onto the statute books, come in the form of corporate and finance law amendments, which give blockchain and cryptocurrency a legal footing for the first time. The laws offer first-time definitions for exchange digital securities and also spells out the legal process for the seizure of crypto assets in bankruptcy.
New regulations outline the role of crypto exchanges.
Swiss lawmakers have outlined the role of crypto exchanges in the country, concerning anti-money laundering policies and other compliance measures. The amendments follow on from the Blockchain Act 2020, passed into Swiss law without opposition by the House of Representatives earlier this year. The new regulations passed by lawmakers are all set to come into effect from early next year. With the crypto industry already growing in Switzerland, the new legal framework is expected to make the European country even more appealing to entrepreneurs, investors, and startups in the sector. Regulators in several countries are currently working on crypto regulations.
Switzerland is home to 900 blockchain companies.
There are over 900 blockchain companies in Switzerland, including Facebook’s Libra Association, which has 4,700 employees. The European country has earned a name for itself when it comes to the finance and tech sector. Building on its traditional reputation for banking and finance expertise, there has been a concerted effort to make Switzerland appealing for the blockchain and cryptocurrency industry. Lawmakers in the country are quick to understand and support the tech industry’s growth through favorable legislation.
Sygnum and Seba Crypto AG banks became the first to be granted a digital currency banking license by the Swiss Financial Market Supervisory Authority in 2019, reported Sahil Kohli.