Swiss MPs on Thursday approved a series of new changes to finance and corporate laws to recognize the cryptocurrency and blockchain industries.
According to a report by Swiss Info, the government changed several laws, ranging from corporate bankruptcies to securities trading.
The new laws define the legality of exchanging digital securities as well as the legal process of claiming digital assets from companies that fail. In addition, the legal requirements for the operation of cryptocurrency trading exchanges are defined so that you can reduce the risk of money laundering with the help of cryptocurrencies.
These changes come after members of the House of Representatives passed the Blockchain Act in summer 2020 without objection.
The new form of the existing laws is expected to come into force early next year. This should give the blockchain, cryptocurrency and decentralized financial sectors in Switzerland a massive boost.
There are currently more than 900 blockchain and cryptocurrency companies based in Switzerland, including Facebook Libra, which employ around 4,700 people.
The European nation Best known for its beautiful alpine scenery and luxury goods, it has been a major player in the world of banking and finance. It also quickly adopted blockchain and cryptocurrencies, and has since helped new and existing companies experiment with the technology.
In addition to the government’s attempt to drive blockchain and cryptocurrency innovations, many companies in the public and private sector in Switzerland are also experimenting with this technology.
Private cryptocurrency banks have also emerged in Switzerland. In 2019, Sygnum and Seba Crypto AG became the country’s first cryptocurrency banks after receiving a Swiss banking license from the Swiss Financial Market Authority.