Swiss government initiates consultations for blockchain laws

Swiss government initiates consultations for blockchain laws
Written by:
Jinia Shawdagor
19th October, 14:27
Updated: 19th October, 14:28
  • The consultation will span more than three months before ending on February 2, 2021.
  • Before this, the country’s parliament had unanimously agreed to adopt DLT laws.
  • Allegedly, Switzerland’s Federal Council aims to implement crypto laws starting August 1, 2021.

The Swiss Federal Department of Finance has started a consultation process for a blanket ordinance in the blockchain and DLT sector. The agency unveiled this news via a press release on October 19, noting that the consultation will run for more than three months before coming to a halt on February 2, 2021. Per the publication, the consultation will be among cantons, parties, and other interested groups in the blockchain space.

According to the press release, this is the most recent development in Switzerland’s continued push for blockchain and crypto adoption. Before this, the country’s parliament unanimously agreed on adopting the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (DLT) on September 25. In so doing, the assembly paved way for the amendment of ten different finance and corporate laws to integrate provisions for blockchain technology and DLT.

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Allegedly, amending the ten federal laws helped improve Switzerland’s regulatory framework. As a result, the country is now better poised to become a leading, innovative, and sustainable location that supports blockchain and DLT development.

Switzerland introduces crypto laws amid surging adoption

Per the press release, the blanket ordinance is set to help the Swiss government incorporate the amendments into laws at the federal ordinance level. Purportedly, the Federal Council intends to implement these laws starting August 1, next year. Nonetheless, the amendments made to the Financial Services Act and the Financial Institutions Act that the parliament adopted as part of the DLT bill are set to become effective earlier.

This news comes as Switzerland’s crypto and blockchain-friendly attitude continues to attract many firms from across the globe. At the moment, the country is home to more than 900 blockchain companies, which have employed more than 4,700 people.

Displaying its bullish stance on crypto, the Swiss canton of Zug, which is also known as the crypto valley, started allowing its residents to pay their taxes in crypto. In so doing, the canton allowed individuals and companies to pay taxes in ETH and BTC for an amount not exceeding £84,579.5.

Apart from this, a report unveiled that Basler Kantonalbank (BKB), a Swiss government-owned commercial bank, was planning to roll out crypto services. Reportedly, BKB sought to launch these services through its banking subsidiary and national banking group dubbed Bank Cler. Explaining why the bank was planning to roll out crypto services, a representative said cited the rising demand for crypto in Switzerland.

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