The Government of Switzerland, through the Federal Department of Finance (FDF), initiated a consultation procedure for a general ordinance on Blockchain and DLT technology.
It is true that the consultation will take place between the cantons, parties and other groups interested in this space. This will allow the Government of Switzerland to reach a consensus.
Indeed, this news was released on October 19, through a press release. Noting that the consultation will last more than three months, until February 2, 2021.
Consultations for Blockchain laws
According to the statement, this is the latest development in Switzerland’s continued push for the adoption of Blockchain technology.
Prior to this, on September 25 the Swiss parliament unanimously accepted the adoption of the Federal Law on Adaptation of the Federal Law to Developments in Distributed Accounting Technology (DLT). So, modifying specific provisions in ten existing federal laws.
As a result, the country is now better prepared. Mainly, to become a leading and innovative location that supports the development of Blockchain and DLT technology.
For its part, the general ordinance will help the Swiss government to incorporate these amendments into the laws at the federal ordinance level. Likewise, the Federal Council aims to implement these laws as of August 2021.
In fact, although Switzerland is not the first country to enact legislation on Blockchain technology. It has become one of the first large financial centers, with a complete set of laws to regulate transactions.
They present new amendments
Similarly, the Swiss Federal Council submitted a new package of amendments to the Swiss Code of Obligations. Which aims to create a new category of securities.
Under the new legislation, companies have the ability to create digital shares and other assets. That can be traded and traded on the Blockchain.
In this way, Urs Bolt, one of the main FinTech influencers in Switzerland states that: “Overall, it will create one of the most supportive regulatory environments in the world. It will allow the financial center to lead the crypto space and hopefully attract new business to Crypto Valley«.
Thus, the adoption of Blockchain technology by the Swiss government is such that the Swiss canton of Zug, also known as the “Crypto Valley”. It now allows its residents to pay taxes in Bitcoin (BTC) and Ethereum (ETH). The state bank Basler Kantonalbank, or BKB, was even reported to be planning to launch cryptocurrency services.
Along the same lines, Fiorenzo Manganiello, an expert in Blockchain in Switzerland, applauds the country’s efforts to bring more clarity and certainty to its regulatory framework. He believes that these changes will greatly benefit the financial market and its participants.
Finally, Switzerland’s support for Blockchain companies has resulted in many companies from around the world establishing their headquarters in the country. As a consequence, Switzerland is home to more than 900 Blockchain companies employing more than 4,700 people.
I finish with this phrase by Eleanor Roosevelt: “You must do what you think you cannot do”.