The Swiss government is set to impose new rules on blockchain in less than a year.
Switzerland’s Federal Department of Finance has been holding meetings for a blanket ordinance in the blockchain and Distributed Ledger Technology (DLT) space.
The discussion will take place amid cantons, parties and other affected groups in this area. It is planned to last for over three months, ending on 2nd February 2021.
This is part of the Swiss government’s plan to boost blockchain and cryptocurrency. The discourse to improve the regulations for the blockchain and cryptocurrency field comes a month after the Swiss government included blockchain technology in financial laws.
The changes to the laws have positioned Switzerland to further blockchain and DLT. The blanket ordinance will enable the Swiss government to include these modifications in regulations at the federal ordinance level and the Federal Council intends to enact these laws beginning August 2021.
Swiss government’s influence on blockchain
Switzerland’s strong reputation of financial security and firm privacy laws has made it the centre for new business ideas in the area of blockchain and DLT.
Blockchain is gaining popularity on a worldwide scale and within the Swiss economy. Switzerland’s support for blockchain and cryptocurrency has made several companies across the world set up headquarters in their countries. Switzerland holds over 900 blockchain businesses that have over 4,700 employees.
The Swiss government has welcomed blockchain and cryptocurrencies to the point that the Swiss canton of Zug, also identified as “Crypto Valley” now permits its locals to pay taxes in Bitcoin and Ether.
Crypto Valley has extended far beyond Zug and now encompasses major blockchain ecosystems in Zurich, Geneva, Ticino, Basel, Vaud, Lucerne and Bern.
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