The Swiss Federal Council has declared that they will not change the current legislation for the regulation of Blockchain. Why?
According to this authority, the legislation currently used in Switzerland does not need changes, since it considers that the Swiss legal field has all the necessary benefits for its use in the management of the Blockchain.
They ensure that no amendment or improvement is necessary. So: With what arguments could they validate this position? Well, here are some reasons.
The confidence of the Federal Council
This Swiss body already expressed in November 2018 its full confidence in the structure of the Swiss legal framework.
They believe that the regulations that the country has currently do not present any obstacle to implement the development of new markets on the Blockchain.
With the technologies of the crypto world already available to everyone, the Federal Council hastened to write a report clarifying the need to regulate this market.
With the economic aspects such as income taxes, profits, assets, VAT and capital gains, they say that the current system is efficient.
“It has demonstrated its effectiveness, therefore, no legislative action is necessary in regards to the special tax provisions for the new instruments.”
In addition to this, the Swiss government has generally been interested in supporting the cryptocurrency tech industry.
With the legislation they currently have, they have opened the ways for the arrival of this new community.
Crypto community on the move: what is Switzerland’s stance?
So far, Switzerland is recognized as the nation of cryptocurrency, since the large number of investors and traders who have gone through the Swiss crypto market has allowed this country to position itself at the top of the polls.
In part, the progress of Blockchain in Switzerland comes thanks to the support of the community, knowing that the government is the one who encourages recreation.
If there was a reason why the crypto community remains very active in Switzerland it is clearly the legality of this country.
However, the Swiss government has always tried to make the regulations as honest as possible, not restricting the free operation of the industry, but making it clear that they will be aware of any minimal attempt to commit crimes on the Blockchain, such as money laundering, for example.
What does all this hold for Switzerland?
Switzerland maintains the same legislation on the Blockchain until now, without much desire to make any arrangements for its legislation.
The Swiss have in mind an adequate regulation for crypto currencies, but at the same time provide all the facilities so that investors have free rein and thus achieve their objectives in the crypto world.
It could then be expected that the Swiss crypto community will reach high standards in terms of reliability given to its government, thus making the Blockchain grow.
Do you think that the current regulation in Switzerland towards Blockchain is enough? Let us know in the comment box.