Blockchain-Global-2016-728x90
Regulation

Swiss Federal Council starts blockchain consultation process

(c)iStock.com/assalve

The Federal Council of Switzerland has started consultation on adaptation of federal law for blockchain development. The initiative intends to eliminate obstacles for distributed ledger technology (DLT)-based applications, limiting risks of misuse and increase legal certainty, thus improving the regulatory framework in the country’s DLT sector, especially in the field of finance.

The Council had adopted a report on the legal bodywork for both the blockchain and DLT in the financial industry in December. This plan accentuated the creation of a potential framework with conditions that will lift up the country to the position of a leading, innovative and sustainable location for DLT and FinTech-based organisations.

Furthermore, the Council is also seeking clarification in regards to the legislation that prevents money laundering and terrorist financing; it wants to know whether it should be adapted in terms of crowd-donating and crowd-supporting platforms that are mostly used to collect funds these days. This is why the Council believes that it would be unfair now to subject crowd donating and crowd supporting platforms to the Anti-Money Laundering Act.

The consultation will continue until June.

In February, Swisscom Blockchain CEO Daniel Haudenschild left his position to take up new role at the Crypto Valley Association (CVA) – a Swiss blockchain ecosystem and directory – as the board president of CVA. Haudenschild, who helped Swisscom build its blockchain arm, stressed the importance of continuing to build bridges and market Switzerland’s crypto expertise. He said: “We need to keep Switzerland right at the vanguard of being the best place to do business. If we don’t do that, capital and talent have legs, and we already see it seeping out.”

Interested in hearing more about subjects like this? Find out more at the Blockchain Expo World Series, Global, Europe and North America

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top

Privacy Preference Center

We are using cookies on our website

We use cookies to personalise content and ads, to provide social media features, and to analyse our traffic. Please confirm if you accept our tracking cookies. You are free to decline the tracking so you can continue to visit our website without any data sent to third-party services. All personal data can be deleted by visiting the Contact Us > Privacy Tools area of the website.