Federal Council of Switzerland To Clarify And Improve Blockchain And DLT Regulations

The Federal Council of Switzerland has released on November 27 an official announcement in which it’s explaining what the priorities regarding the blockchain and DLT regulations should be. In the proposal, legal certainty in the industry is being targeted, together with the elimination of barriers in blockchain apps and the reduction of the risk for abuse.

An Initial Report Was Released in 2018

The Council revised an initially released report and proposed a few amendments to some of the federal acts that cover both the civil and the financial market law. As the announcement says, the proposal will be examined by the Swiss Parliament at the beginning of 2020.

Switzerland Is Blockchain and Crypto-Friendly

The country of Switzerland is famous for having a friendly approach to the blockchain and crypto industry, also for developing laws in the sector. Seeing European regulators are looking to block the private parallel currencies, the Financial Market Supervisory Authority’s director Mark Branson has said back in September that Facebook’s Libra is functioning according to the country’s regulatory framework.

Crypto Valley Venture (CV VC), the main organization in the crypto industry in Switzerland, has released in October a report in which is saying the blockchain is making impressive gains in the country. The report is also pointing out to rising employment and increased valuations figures. CV VC has as well estimated that there are 800 entities in the Swiss ecosystem, 4,000 people employed, and 6 startups valued at over $1 billion.