Switzerland Adopts Cryptocurrency Trading Regulations

The Swiss Parliament, on September 10, approved amendments to legislation that will establish legalthe basis for cryptocurrency trading and its principlesregulation in the context of securities laws. The entry into force of the so-called "blockchain law" is expected in early 2021, writes Swiss Info.

The amendments set new standards for exchangescryptocurrencies in the context of combating money laundering. It also defines coin return procedures and principles for 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 Switzerland's cryptocurrency and blockchain industry currently employs over 900 companies and 4,700 people.

"Starting next year, Switzerland will have one of the most progressive regulatory frameworks in the world."- said the President of the Swiss Blockchain Federation Heinz Tenler.

Among other things, the new regulations will allow businessdiscover previously unused blockchain capabilities, including registration of real estate, digital art and private equity.

Let us remind you that earlier, on June 17 of this year,The House of Representatives of the Swiss legislature has adopted the “Blockchain Act”. It became a fundamental document outlining the general positive attitude of the country's authorities towards distributed ledger technology and cryptocurrencies.

A similar document adopted several years agoback in Malta, gave this state the status of a "blockchain country". It should be noted that the change in the leading political party led to a change in the attitude towards fintech to a more conservative one.

Switzerland is not in danger of such a reversal.The former president of Switzerland previously stated that the country's authorities are aiming to strategically use new financial technologies to develop the economy of their state. In addition, the Blockchain Act was passed unanimously, meaning all major political forces in this country found a consensus on blockchain and cryptocurrencies.

Currently, Switzerland has its ownheadquarters of over 900 blockchain and cryptocurrency companies, including the Libra Association. The organization carries out all the main work on the global stablecoin project Libra. This project was initiated by the American corporation Facebook. Switzerland's innovation sector currently employs about 4.7 thousand people.

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