The Federal Council of Switzerland Opts For Better and Fair Blockchain Regulations
The Federal Council of Switzerland has opted for better and fair regulations for blockchain and distributed ledger technology (DLT) in the country which is believed will minimize risk, increase legal certainty and abort blockages which willprevent the possible applications of blockchain/distributed ledger technology.
The Council unanimously adopted the official letter, which contained the idea that they should improve their legal and regulatory procedures for blockchain.
The press release aired that the Council's December 2018 regulatory report for distributed ledger technology stressed the need to create better regulations for blockchain that will put the country in three forefronts of favorable locations for Fintech and blockchain companies and fight abuses, making sure that the country’s financial integrity and reputation are not smashed. Although the said report showed that the country’s blockchain regulations are well suited, it pointed out the need for improvement, which explains the series of amendments already submitted by the Council March 2019.
During the consultation process, the proposal from the council was reviewed, revised, and improved in so many ways as a consequence of the suggestions and recommendations received in the process. The new legislation is to serve as a blanket framework. All the participants in the consultation process welcomed the Federal Council's proposal in principle, which the Council will examine for the first time in the first quarter of 2020.
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