Swiss Federal Council proposes adaptation of legislation for blockchain

The Swiss Federal Council has proposed to improve the legislation on the technology of distributedregistry (DLT) to clearly identify the legal status of technologies and remove barriers to their use.

Last December, the Council presented a report onblockchain regulation in the financial sector, according to which Switzerland strives to create the best conditions for the development of the latest technologies so that the country becomes a leader in the field of fintech, blockchain and digital innovation.

Council proposes to adapt federal lawsfor projects developing in the blockchain industry in order to simultaneously eliminate the risk of using cryptocurrencies for illegal purposes. Thus, the Council revised last year’s report and introduced a number of amendments to nine federal laws covering civil law and the financial market. Parliament will consider this proposal early next year.

It is known that Switzerland is loyal tocryptocurrencies and blockchain. This is proven by the fact that in October, the Swiss National Bank and the Bank for International Settlements (BIS) signed a cooperation agreement under which the banks will study state-owned cryptocurrencies and integrate them into the distributed ledger infrastructure. However, Swiss National Bank President Thomas Jordan still fears that a stablecoin issued by the country's central bank could disrupt Switzerland's entire monetary policy.

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