Swiss parliamentarians on Thursday adopted a new package of amendments to the Finance and Companies Act that recognizes the blockchain and cryptocurrency industries.
The government has changed many laws, from bankruptcy to securities trading, according to a Swiss Info report.
The new set of laws defines the legal aspects of digital securities exchanges, as well as the legal process for recovering digital assets from companies that go bankrupt. It also defines the legal requirements for cryptocurrency exchanges to operate to reduce the risk of money laundering using cryptocurrencies.
These changes came after the House of Representatives passed the “Blockchain Act” without any opposition in the summer of 2020.
It is likely that a new form of existing law will enter into force early next year. However, blockchain, cryptocurrency and the decentralized financial industry are expected to see significant growth in Switzerland.
There are currently over 900 blockchain and cryptocurrency companies operating in Switzerland, including Facebook Libra, which employs approximately 4,700 people.
The European country, known mainly for its fantastic alpine nature and luxury goods, has been a major player in the banking and finance world. He also quickly adopted blockchain and cryptocurrency and has since supported existing and new companies in technology experiments.
In addition to the government trying to stimulate innovation in blockchain and cryptocurrency, several public and private companies in Switzerland are also experimenting with this technology.
Private cryptocurrency banks also originate in Switzerland. In 2019, Sygnum and Seba Crypto AG became the first cryptocurrency bank in the country after receiving a Swiss banking license from the Swiss financial market authority.