Swiss lawmakers passed a new set of finance and corporate law amendments that recognize the blockchain and cryptocurrency industry on September 10. Lawmakers made a historic decision and this decision once more underlines the importance of the blockchain and cryptocurrency industry.
Interestingly, the new set of laws define the legalities of exchanging digital securities. Moreover, the new set of laws define the legal process of reclaiming digital assets from companies that go bankrupt. This is not the end of the story, as new laws further define the legal requirements when it comes to running cryptocurrency trading exchanges. Thanks to the laws, approved by lawmakers it will be easier to mitigate the risks of money laundering using cryptocurrencies.
It is worth noting that, the amendments stated above comes after the members of the House of Representatives passed the “Blockchain Act” this summer.
Switzerland amended several laws ranging from company bankruptcy to securities trading.
The cryptocurrency industry in Switzerland
Importantly, it is likely that the new form of existing laws will come into effect early 2021. The new set of laws will boost the blockchain and cryptocurrency industry in Switzerland.
People should take into account that, there are more than 900 blockchain and cryptocurrency companies, Facebook’s Libra. The industry gave jobs to around 4,700 people.
Switzerland is famous for its beautiful alpine landscapes and luxury goods. Moreover, the country is also famous thanks to its banks. Also, the country was ready to adopt another industry. Importantly, Switzerland supported both existing and new companies to experiment with the technology.
Interestingly, many public and private sector companies in Switzerland are also experimenting with the technology. Importantly, the first cryptocurrency banks Sygnum, as well as Seba Crypto AG received a Swiss banking license from the Swiss Federal Market Supervisory Authority in 2019. Governments around the world should make it easier to develop the blockchain and cryptocurrency industry.