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The Swiss government has recently announced that it will take a new direction regarding its position on the use of cryptocurrencies and blockchain technologies, developing a strategy to create an appropriate legal framework to enable these technologies to flourish.
In an official report published this Friday, the government recognized the importance of blockchain technologies as key tools to promote the country's economic development:
"(Blockchain technologies are) among the notable and potentially promising developments in digitization.These developments are expected to have considerable potential for innovation and greater efficiency, both in the financial sector and in other sectors of the economy.
Switzerland: use of Crypto and Blockchain technologies to increase its economy
The strategy seeks to incorporate the use of tokens in various sectors of the country's politics and economy. One of the most significant proposals seeks to eliminate regulatory barriers to securities trading (such as stocks, bonds or real estate) on blockchain platforms.
Switzerland is one of the most important blockchain hubs in Europe. Not only has a significant number of start-ups been established with several hundred million investments, but the Swiss Central Bank has also shown interest in the use of cryptocurrencies to promote the national economy.
The measures announced by the Swiss government have given rise to positive reactions from investors and users. An example is Mattia Rattaggi, a member of the Crypto Valley Association, who shared his impressions via email:
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 … Basically, this approach ensures maximum consistency within the current legal framework, while keeping it based on principles and flexible, allowing the adoption of changes on a "need for regulation" basis.
What are you trying to do in Switzerland?
According to Swissinfo, the innovations proposed by the Swiss government are quite numerous and will subsequently require hard work on the part of Swiss lawmakers to be conceived as a holistic policy and not as mere changes:
- Change bankruptcy laws to recognize data as a resource. This would allow the courts to manage purely digital assets and make sure they go to the right creditor when it comes to truncating insolvent businesses.
- Modify the Banking Act following the same lines as above in the event of bankruptcy of a financial institution.
- Change the scope of the Money Laundering Act to cover decentralized trade with the power to dispose of third party assets.
- Create a "new authorization category" for traders and exchanges of blockchain securities to give FINMA the discretion to apply a lighter touch when assessing the assets of those entities. Change the law on financial market infrastructures and the law on financial institutions to "create more flexibility" for blockchain / DLT applications.
- The Ministry of Finance is already examining an amendment to the Collective Investment Act to include a new category of funds (limited investment funds limited to L-QIF) so that "new innovative products can be brought to market more quickly and efficiently. terms of costs in the future ".
- No immediate change in the financial laws for the insurance sector is immediately foreseen as blockhain / DLT in its "infancy" in this sector.
- The report sees no reason to change any legislation regarding cryptocurrencies.
