The first part of the Swiss blockchain law dealing with corporate reforms came into force on Monday. Back in September 2020, the country’s parliament adopted an expanded set of rules for crypto and blockchain technologies in the country.
The introduction of a new regulatory model will help improve Switzerland’s thriving cryptocurrency and blockchain landscape, according to Swissinfo. In fact, the country’s industrial interests have been praised for the expanded economic and business reforms that were incorporated into an amended law passed by parliament in September 2020.
According to Hans Kuhn, board member of SEBA Digital Bank, the blockchain law defines Switzerland’s place in the emerging digital economy. According to Kuhn, the blockchain-based structured securities issuance demonstrates that the country is focused on driving digital innovation.
Crypto Broker AG announced on Monday that they have received a license from the Swiss Financial Markets Authority (FINMA). Thanks to licensing, the brokerage firm, which closed over $ 1 billion in deals last year, can now offer token securities to its customers.
Crypto Broker AG now joins SEBA and Sygnum Bank as FINMA licensees to further expand the regulated equity trading scene in Switzerland. With part 2 of the Swiss blockchain law expected to come into force in the summer, companies will seek to establish a significant presence in the asset trading market for the regulated trading of these cryptocurrencies.
The second part of the Swiss blockchain law will cover major updates to the country’s financial market infrastructure. This part of the blockchain law will provide legal support for cryptocurrency trading as well as other cryptocurrency exchanges.
Switzerland is currently joining Liechtenstein as one of the few countries to have adopted complete crypto and blockchain regulations that reflect all important aspects of the industry. However, in contrast to the Swiss approach, which changed the existing laws in accordance with the blockchain market, Liechtenstein created a new legal framework for the cryptocurrency and blockchain market.