Swiss Government Mulling a More Relaxed Blockchain Regulation
by Fintechnews Switzerland March 26, 2019The Swiss Federal Council initiated consultation recently to adopt a more blockchain friendly federal law. They emphasized that they want to create the best possible framework to further cement Switzerland as a leading hub for fintech and blockchain companies.
The draft serves to further improve the regulatory framework for DLT in Switzerland, in particular in the financial sector. The consultation will last until the end of June 2019.
In the consultation draft the Federal Council proposes the following adjustments :
- In the Swiss Code of Obligations, the possibility of electronic registration of rights that can guarantee the functions of negotiable securities is to be created. This is intended to increase legal certainty in the transfer of DLT-based assets.
- In the Federal Law on Debt Collection and Bankruptcy, the segregation of cryptobased assets in the event of a bankruptcy is to be expressly regulated, also to increase legal certainty.
- In financial market infrastructure law, a new authorisation category for so-called “DLT trading facilities” is to be created. These are intended to be able to offer regulated financial market players and private customers services in the areas of trading, clearing, settlement and custody with DLT-based assets.
- Finally, it should also be possible in future to obtain a licence to operate an organised trading facility as a securities firm. This requires an adaptation of the future Financial Institutions Act.
Featured image credit: Pixabay
