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Switzerland Amends Their Rules to Induct Crypto-Currency and Blockchain

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Sep 11, 2020
Switzerland Amends Their Rules to Induct Crypto-Currency and Blockchain

It has come as a surprise and extremely good news for the cryptocurrency and blockchain firms that the Swiss Parliamentarians have passed a law to include Crypto-Currency and Blockchain into their regulatory body. The rule was passed this Thursday when the Swiss Parliamentarians gave a unanimous approval and agreed to add new sets of corporate level and finance law amendments that recognize the blockchain and cryptocurrency industry as an essential resource for their economy.

The amendments/additions to the passed laws cover the regulatory processes that help legalize the process of exchanging legal securities and the legalities involved in retrieving the digital securities from the exchange company if it goes bankrupt. The rule also defines that the requirements a blockchain or crypto-currency needs to meet before it can be on-boarded onto the Swiss’ list of running blockchains and crypto-currencies. These rules have been put in place to ensure the safety of the assets of the users and keep the blockchain and the platforms protected from any outside threats or cyber-hacks.

All of the above-mentioned laws and legalities have been passed in the late summer of 2020 by the Swiss Parliamentarians without any opposition.

It is also being speculated that the Swiss Parliament will undergo another ruling in the next year to streamline more laws and regulations that would further strengthen the presence of crypto-currencies and blockchains in Switzerland. This has come as a massive news for the cryptocurrency and blockchain world as Switzerland holds a very strong presence and say in the world of finance and banking as well as the economy.

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This achievement would mark a new milestone for the crypto/blockchain industry as having a legal presence in a first world country such as Switzerland would mean that the e-currency industry will be able to cover more ground with more trust and investments.

The best thing for the crypto industry is that even the private companies, industries, and the public are in the favor of adapting to crypto-currency and blockchain industry. At present, there are more than 900 blockchain and crypto-currencies operating in Switzerland and with the law being passed, more are to come running to Switzerland just like the tourists.

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