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Switzerland to Make Blockchain and Crypto More Legitimate

11 September 2020, 11:15
Votes: 2

The Swiss government is introducing new amendments to the existing law that will help to bring more legal clarity to the blockchain and crypto industries, as the latest cryptocurrency news informs.

Switzerland to Make Blockchain and Crypto More Legitimate

According to the set of introduced amendments, which will be a part of the financial and corporate law, the blockchain and cryptocurrency industries will get their places in the country’s legal framework. The government has already made the first steps towards the establishment of the well-regulated crypto industry.

What does the amended law define?

As reports from Swiss lawmakers inform, changes touch upon such verticals as securities trading and bankruptcy. The law will define the process of exchanging virtual securities and the recovery of digital assets when a business goes bankrupt. In addition to this, the new regulations will provide certain requirements for crypto exchanges to prevent possible money-laundering cases. 

The “Blockchain Act”, submitted this summer, has become the starting point for the further establishment of the blockchain and crypto markets, which may grow in Switzerland in the nearest future considerably. Although the law will be enacted next year, almost one thousand industry-related companies already operate in the country. Moreover, many businesses connected with other markets also test blockchain technologies and use cryptocurrencies and implement them in their processes.

Read more: 2020 bitcoin price: will it hit records?

Read more: How is bitcoin mining defined?

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