Ueli Maurer, the current finance minister of Switzerland, has made a curious announcement at the Infrachain conference that is happening now in Bern. According to his speech, new blockchain laws will not be needed in the country as the current laws work well enough.
The main idea defended by the minister is that the current legal system works well enough and that the government is also proposing to change six laws next year, which would include some laws in the civil code and the bankruptcy law. Therefore, it would be simpler to just make small amends since the laws are already being changed than to create a whole new framework.
This could shock some people at it is definitely a different movement than the one that is happening around the world, which is defining ways to introduce the industry in the countries. Ueli Maurer has worked extensively with Swiss bankers and he has already made it clear that he is fully aware of all the competition that the country is having on a global scale.
According to him, countries like London are already advancing their blockchain market a lot and places like Singapore and Shanghai are also great hubs for the technology.
Laws In Other Countries
Liechtenstein, a neighbor of Switzerland, is already planning a Blockchain Act that will define how this type of technology is used in the country. At the moment, the law sits at a commission and it is expected to be adopted in 2019.
Countries like Malta, AKA Blockchain Island, and Gibraltar are also very interested in regulating the blockchain technology now. In the United States, things are going very slowly but the country is also keen on proposing an act to define the blockchain as a unique industry.
Countries like Russia and India are facing uncertainty as there is no regulation and cryptos may even be banned in India. China has banned them completely.