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Following the publication by the Swiss government of an official report on Friday, which hopes that decentralized financial transactions will have a place in the Swiss legal code, could this new strategy strengthen Switzerland's position as a blockchain-friendly country?
LeapRate recalls that, a few days ago, the Federal Council adopted a report on the legal framework for Blockchain and DLT in the financial sector.
Representatives of Utopia Music, Crypto Valley Association and Ambrosus provided information on the importance of adapting current legislation to incorporate new technological developments and the implications of Switzerland allowing changes to be adopted on a "need for regulatory" basis. .
Brent Jaciow, Head of Blockchain Affairs at Utopia Music, the blockchain-based music tracking and attribution platform based in Zug, Switzerland, said:
In order for any new technology to achieve mass adoption, people need to know in what regulatory framework they operate. While for early adopters a slow understanding can be all that is needed, for institutions and the mass population, it is essential to understand the normative implications of owning, processing and working with new technologies, especially with regard to titles.
Switzerland that allows for changes to be made on a "regulatory need" basis is not a big change from the current situation, where governments have to focus on the most urgent needs of their citizens. However, this is also positive as it means that governments and their regulatory bodies will be more proactive in providing guidance to new technologies. Being proactive, it will accelerate the adoption cycle as new entrants will not have to worry about managing future or retroactive regulations and will simply proceed with the use and innovation of these new technologies.
The president of the Crypto Valley Association policy and regulation working group (CVA), dott. Mattia Rattaggi, said:
The CVA welcomes the publication of the Federal Council report and is perfectly in tune with its objective of creating the best possible framework conditions for "Crypto Nation Switzerland", while underlining the integrity and reputation of the country as a center financial and commercial headquarters.
It is good that this happens through adjustments aimed at the existing legal framework, rather than issuing completely new laws. We believe that this approach best represents the principle of technological neutrality and is in line with the position taken by the CVA in the consultation process. Fundamentally, this approach ensures maximum consistency within the current legal framework, while keeping it based on principles and flexible, while allowing for the adoption of changes on a "need for regulatory" basis.
To a large extent, the report also confirms what we, in the Crypto Valley community, have known for some time: the Swiss regulatory system is already open and relatively flexible. These are attributes that have been fundamental in the emergence of the Crypto Valley as a global hub of blockchain innovation.
With the CVA policy and the regulatory working group, we are not looking forward to analyzing the details of the report, communicating its contents and implications to our members and continuing cooperation with government stakeholders to continue building the largest ecosystem of the Crypto Valley.
Angel Versetti, co-founder and CEO of Ambrosus, blockchain and IoT platform for quality assurance in food and pharmaceutical supply chains, said:
The most recent report by the Swiss government on the regulatory approach to blockchain technologies is an important step to move the entire blockchain industry towards formal recognition and industrial adoption and provides greater legal clarity. In particular, the report aims to underline the innovative value of blockchain-based ecosystems, while at the same time reminding the general public of the industry as a whole. For the broader community of cryptocurrencies, this report proposes a prudent approach to the regulation of currencies and digital tokens. In the context of innovation and the imminent digital revolution, the relationship is significant as it indicates broader social and political change in favor of decentralization, transparency and greater efficiency through blockchain technology.
At the same time, it is important not to simply apply the laws on the transmission of securities, banks and money to cryptocurrencies and to Blockchain, as has been frequently done in Switzerland in the last year. It is important not to stifle innovation and decentralization with excessive regulations, bureaucracy and bureaucracy, because this will reduce the democratic value proposition proposed by the blockchain and will only favor bankers, compliance lawyers and financial intermediaries, which is already happening in most countries. part of the jurisdictions are taking too strong a regulatory approach. As entrepreneurs in general – and particularly encryption enthusiasts – appreciate privacy, decentralization and freedom from censorship, these values should also be reflected in the rules and regulations.
Furthermore, Switzerland should only consider the regulation of companies that have commercial relationships with retail customers and instead consider decentralized protocols as a common asset, rather than trying to regulate and excessively impose rules on companies that work to build decentralized protocols. . In short, they should adopt a laissez-faire approach, under which there are guaranteed freedoms and general rights, and companies are reactively and not proactively regulated. These are fundamentally different approaches. One allows innovation while it eradicates fraud, while the other will benefit only the banks and brokers that the blockchain should have replaced in the first place. At this time, Switzerland seems to favor the digital asset management industry, which consists almost exclusively of the usual financial elites of major banks and business banks. They tend to recreate the same obstacles that currently exist in the financial sector, which is worrying.
The fact of making FINMA more relaxed and of using greater discretion towards cryptic companies is a very positive fact. However, reaffirming the protection of the rights and interests of crypto-companies would be even better.
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