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The Swiss Federal Council believes that the laws of the country could be better adapted to the integration of the blockchain.
In its report, "Legal basis for ledger and blockchain register technology in Switzerland", the Council stated that the current Swiss legal framework was relatively open to blockchain companies, but more could be done to "improve the conditions framework favorable to innovation ". in the body with seven members, legislative improvements could be achieved through "targeted adjustments" focusing on specific areas of the law, such as insolvency and insurance.
The report states that the country should continue to be "technology neutral" in its regulations, "but it should also allow exceptions if necessary." By providing clear and efficient rules, the Council stated that it could be better positioned as a place for the companies involved in the DLT. Dialogues with the protagonists of the sector are also important.
The council has identified several implications of the technology, for which appropriate legislative changes have been recommended.
According to him, civil law could benefit from the transfer of property rights represented through tokens. "The Federal Council proposes an amendment to the securities law to increase legal certainty." The proven principles of the securities law should be maintained as much as possible, "he said.
It was said that the financial market law did not have "fundamental questions" that "would require fundamental adjustments" because of the blockchain. However, amendments were proposed for banking law, the law on financial market infrastructures, the law on collective investment schemes and the insurance sector.
A risk to cryptocurrencies used for money laundering was recognized, but the council said that much has already been addressed in existing AML regulations. "The challenges that arise in this context must generally be addressed internationally in the context of the work of the Financial Action Group", added the Federal Council.
The council called on the Federal Department of Finance and the Federal Department of Justice and Police to consider the report in presenting a draft consultation in the first quarter of next year.
