The Swiss Parliament has approved amendments to the legislation that will establish a legal basis forcrypto trading and principles of its regulation in the context of securities laws. The entry into force of the "blockchain law" is expected in early 2021, according to Swiss Info.
The amendments set new standards forcryptocurrency exchanges in the context of combating money laundering. It also defines the procedures for the return of cryptocurrencies and the principles of exchanging digital securities. To do this, several existing laws were changed at once, concerning, for example, bankruptcy of companies and trading in securities.
It is estimated that more than 900 companies are currently employed in the Swiss blockchain industry.Heinz Tenlerzai, President of the Swiss Blockchain Federation, said:
"From next year, Switzerland will establish a regulatory framework, which is one of the most progressive in the world."
The new rules will also allow businesses to discover previously disproportionate blockchain capabilities, including the registration of real estate, digital art and private equity.
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