The Swiss Parliament has approved legal amendments that will establish the legislative framework for trading of crypto and the principles for its regulation in the context of securities laws. The entry into force of the “blockchain law” is expected in early 2021, according to Swiss Info.
The amendments set new standards for cryptocurrency exchanges in the context of combating the issue of money laundering. Furthermore, they define the procedures for the return of cryptocurrencies and the principles of 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 over 900 companies are currently employed in the Swiss cryptocurrency and blockchain industry. President of the Swiss Blockchain Federation Heinz Tenler said:
“Starting next year, Switzerland will have one of the most progressive regulatory frameworks in the world.”
Also, the new rules will allow businesses to discover previously unused blockchain opportunities, including the registration of real estate, digital art objects, and shares of private companies.
