Switzerland to Adapt Existing Laws to Accommodate Blockchain

Contemplating a separate blockchain legislature are out of the question for the Swiss as the Finance Minister Ueli Maurer said Switzerland will instead adapt the current legal framework to account for blockchain technology.

Maurer said during the Infrachain blockchain conference in Bern that there won’t be a special blockchain law, instead, the current legal framework will be tweaked to adapt to the new technology and its derivatives. This will involve an adaption to six different laws starting with the “laws of obligations and ending with bankruptcy law”. The whole process should be completed in the coming year.

About a year ago, in a fintech round-table discussion involving the minister and other financial and scientific stakeholders, attendees agreed upon the urgency of attention to the development of blockchain and initial coin offerings (ICO). This led to setting up a committee to determine the necessary actions to be taken towards the development and adoption of the new enterprise.

Blockchain interest in the country has taken up a rather interesting turn with jurisdictions such as London, Singapore and Shanghai identified as “tough competitors”. However, countries like Liechtenstein are ahead of the Swiss in terms of blockchain-related legislature with a bill already in motion will be passed in 2019.

Blockchain developments (standardization) and regulation are currently being considered simultaneously in Switzerland to effectively groom the industry. With FINMA proposing a structural operational model for financial institutions to work against the volatility of the market on one hand. Switzerland’s State Secretary Joerg Gasser has opined that standards are now more important than regulation since according to him, fintech has moved beyond the “hype-cycle”. On the horizon, more utility use for blockchain enterprise seems to be developing as well.

 

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