The existing financial law should be adapted to the Blockchain industry


The Swiss Federal Council (Bundesrat) has stated that the current financial legislation in the country adapts to the blockchain industry, but requires specific adjustments. The government suggested several amendments in an official statement by the Federal Department of Finance (FDF) published on Friday 14 December.

At a meeting on 7 December, the Bundesrat adopted a report on the legal framework for blockchain and distributed accounting technology (DLT) in the financial sector. The report analyzes the relevant framework provisions, outlines the need for measures and proposes concrete measures to develop the necessary legal conditions in the blockchain sphere.

Specifically, the report recommends the development of a new and flexible authorization category for blockchain-based financial market infrastructures. It also promotes greater legal clarity for digital regulator rights holders and ensures that decentralized negotiating platforms are subject to anti-money laundering legislation (LAM).

The Federal Council also mentioned the results of an interdepartmental working group on the risks of money laundering and cryptocurrency terrorism. The recent report is based on the work of the blockchain / initial coin offering (ICO) working group of the Federal Department of Finance, which was reportedly established in January 2018.

Following the adoption of the report, the Bundesrat instructed the FDF and the Federal Department of Justice and Police to prepare an adjustment plan for the first quarter of 2019. The Bundesrat also instructed the FTF to investigate the reconsideration of the Money Laundering Act in accordance with certain types of crowdfunding.

At the beginning of this year, the Federal Council requested a report on the risks and benefits of launching its own digital cryptocurrency supported by the government called e-franc.

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