Switzerland Updates Current Legislation to Regulate the Crypto Industry
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Sept. 10, 2020

The Swiss Parliament has just passed a series of amendments to its current legislation that will provide the legal basis for crypto exchanges, the exchange of digital securities, and more. The "Blockchain Act" is expected to come into force in early 2021, Swiss Info reports.

These amendments also set new standards for crypto currency as well as for the fight against money laundering. They also define the procedures for reclaiming cryptocurrencies and the principles for the exchange of digital shares. To this end, several current laws have been amended, regarding, for example, corporate bankruptcy and securities trading.

More than 900 companies are currently involved in the Swiss crypto and blockchain sector. Heinz Tännler, president of the Swiss Blockchain Federation, said:

"As of next year, Switzerland will have a regulatory framework that is among the most advanced in the world."

In addition, this new legal framework will allow the creation of digital versions of company shares, real estate holdings, art and other assets.

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