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The Swiss Minister of Finance, Ueli Maurer rejected a possible blockchain law at the Infrachain conference in Bern, Switzerland, according to Finews.

In two weeks, the blockchain working group, founded by the federal government at the beginning of the year, will present the results of its discussions. However, Maurer has already announced Switzerland won’t have a special blockchain law developed by Liechtenstein.

Switzerland Against Specific Blockchain Legislation
Ueli Maurer/

Instead, the federal government wants to consolidate a new technology and its possible use in current legislation. As it states, the consolidation would require the adaptation of six different laws, starting with the law of obligations and ending with bankruptcy law. The necessary adjustments are expected to be introduced in 2019.

Maurer admitted that London is already ahead of Switzerland in this matter, and places like Singapore and Shanghai are quite “tough competitors.”

Earlier, the Estonian watchdog, the Financial Intelligence Unit, which is in charge of giving out the required licenses, proposed to strengthen the requirements for those operating in the crypto sector. Such a decision had been reached in light of the countries anti-money laundering and preventing terrorist funding strategies.

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