Bitcoin News

New Swiss Laws Give A Strong Foundation For Crypto and Blockchain

Bitcoin News

The new Swiss laws will give blockchain and crypto much-needed clarity. The new set of finance and corporate law amendments were passed by the Swiss Parliamentarians last Thursday. The amendments officially recognized the crypto and blockchain industry in the country. 

As per local reports, the federal government has amended numerous laws ranging from finances, security trades, company bankruptcy, and so on. 

The new laws give a form of legalities in the exchange of digital securities, in addition to the legal process of recouping digital assets from companies that go bankrupt. In addition, it states the legal requirements for operating a crypto trading exchanges. It hopes all of these would help reduce the risk s of money laundering via crypto. 

These amendments are at the forefront of the “Blockchain Act,” which was passed by members of the House of Representatives without any opposition in earlier this year. 

There are strong indications that the amended laws will come into effect at the start of next year. If everything should go according to plan, the blockchain, crypto, and decentralized finance industry are expected to experience an astronomical boost in the country. 

On current standings, Switzerland boasts of close to 1000 blockchain and crypto companies that employ around 5,000 people. 

The Swiss Story 

Switzerland is one of the most luxurious countries in the world. The country is mostly known for its ski resorts, Alpin landscapes, and insane wealth. Over the past decades, the country has played a key role in the world of banking and finance. In addition, it quickly adopted blockchain and crypto and has backed new and existing companies to experiment with the tech. 

Apart from the government, several private and public companies have been working tirelessly to push blockchain and crypto innovation. There are a good number of companies within the country experimenting with technology. 

There has also been an increase in the number of private crypto banks in the country. Seba Crypto AG and Sygnum became the first crypto banks in the country. 

 


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