Swiss Finance Minister Advocates Quick Blockchain Regulations at CV Crypto Valley Summit in Zug

Yesterday, in Zug, the CV Crypto Valley Summit was held, and Swiss Confederation president Ueli Maurer left some positive remarks about the blockchain regulation while speaking at the event.

As per the report from the local financial news agency, Maurer, who happens to be the Minister of Finance of the country too, addressed to the summit only after a few days the Federal Council of country introduced a blockchain friendly consultation process.

The newly launched consultation process aims to urge the Swiss parliament to make prospective changes to the country’s federal law so that it improves the blockchain firms legal status.

Near about one thousand attendees reportedly attended the Crypto Valley Summit, Maurer emphasized that Switzerland needs to make amendments to the laws so as to better complement the new technology, blockchain.

The country’s Finance Minister also confirmed that Federal Council, especially FDF (Federal Department of Finance), aims to keep propelling in the said regard. Maurer went on saying that the authorities in Switzerland continuously look for the ways to stay ahead of the game when it comes to distributed ledger technologies, especially blockchain.

Reportedly, Maurer quoted ‘our doors are open’ to crypto and blockchain sector representatives so as to pitch fresh ideas to the Swiss government.

Earlier this week, some legal tweaks for the consultation of country’s parliament were proposed that include regulating blockchain and crypto firms under the debt and bankruptcy law of Switzerland. The proposed constitutional amendments also included the creation of a new financial market infrastructure law authorization category that should go by the name ‘DLT trading systems.’

Not too long ago, on March 20th, Swiss legislative, Switzerland’s Federal Assembly, passed a motion for instructing the Federal Council to adapt better the existing law formulation for regulating crypto.

In lights of the approved motion, Maurer noted that the planned regulation scope was not as good as the proposed developments.

Consequently, this is not the first time that Switzerland’s Finance Minister has shown positive support for the blockchain. In December last year, Maurer suggested that Switzerland should modify its existing legal framework so that it embraces the new technology, crypto and blockchain, and its financial applications, at the very best.

Of course, Swiss Minister of Finance backing the blockchain sector is pretty good news and possibly a hint towards the mass adoption of the tech in question. Let's see how the future unfolds.

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