Switzerland intends to add blockchain to current legal regulation

Posted 17 December, 2018

Switzerland plans to add the new financial technologies to the current legal framework.

The legal framework for the DLT (distributed ledger technology) was reviewed in the Federal Council report released last Friday. At the same time, it was indicated that the framework definitely needs further development and update.

According to the document, the changes of the securities guidelines are aimed at making the crypto token issue more unique and definite. 

"The Federal Council intends to further improve the prerequisites so that Switzerland can exploit the opportunities offered by digitalisation. It thus wants to create the best possible framework conditions so that Switzerland can establish itself and evolve as a leading, innovative and sustainable location for fintech and blockchain companies – and innovative companies in general," reads the report. 

The Council council stated:

"Since an entry in a decentralised register accessible to interested parties can create publicity similar to the ownership of a security, it seems justified to attach similar legal effects to this entry."

Along with these measures, there are plans to consider crypto assets separately from the overall property of the insolvent. For now, the country does not have accurate rules for this area, so the players actually do not know how to deal with crypto assets if they face bankruptcy.

Speaking about other areas of the regulation, it was noted that the authority would leave AML measures unchanged given their current effectiveness in the crypto and ICO segments.

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17 December, 2018 15:08

← HKEX seems to slow down determination of IPO applications from miners

Hong Kong Exchanges and Clearing (HKEX) delays approval of the IPO applications submitted by the leading crypto players in view of the bad market environment. The news reports read that HKEX has received applications from such mining hardware producers as Cannan Creative, Ebang and Bitmain. The exchange definitely reportedly makes no rush to green light IPO from crypto mining sector citing the market volatility that is observed now. This position is said to be related to the fact that crypto mining seems to be the risk segment as mining companies can shut down business in a year or two. In this context, no one wants to become the first to approve the company that will disappear afterwards, and HKEX is not an exception.

HKEX seems to slow down determination of IPO applications from miners

Next story

17 December, 2018 11:51

Japan financial authority about to create category for virtual assets →

Japan's financial regulator intends to put bitcoin and other virtual currencies into one category called "crypto assets". The Japanese Financial Authority believes that this measures would help to make clearer the concept of the virtual currencies that are traded as money as well as prevent any misunderstanding among investors in terms of the classification of any particular asset and using virtual assets as payment means.

Japan financial authority about to create category for virtual assets
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