The Switzerland government has initiated a consultation procedure for laws regarding blockchain and DLT technology. The consultation is set to last for three months and will help regulators reach a consensus on the future of blockchain in the European nation.
Blockchain Laws at the Forefront of Consultation
The development of blockchain laws is the major focus of the consultation according to the statement by the Swiss government. Creating specific blockchain laws will help the European nation in the push for blockchain adoption.
This is part of the recent legislative developments that have occurred in the country in recent months.
Earlier in September, the Swiss parliament had passed a law that sought to adapt the Federal Law to developments in Distributed Accounting Technology (DLT).
This move ensured that Switzerland became well prepared to become a major location supporting blockchain development in the Eurozone.
The consultation period would help the Swiss government incorporate these amendments into the laws at the federal level that would be implemented by August 2021.
Switzerland Major Financial Hub Globally
Switzerland is regarded as one of the best financial regions in the world and the enactment of blockchain laws is to strengthen its position within the future of finance.
The Swiss Federal Council submitted a new package of amendments to create a new category of securities in its laws.
Under the new legislation, companies have the ability to create digital shares and other assets that can be traded and traded on the Blockchain.
Switzerland has also been in the news with its ‘’Crypto Valley’’ which refers to the Swiss canton of Zug. The region allows residents to pay taxes in Bitcoin (BTC) and Ethereum (ETH) as reported .
It is also thought that the state bank BKB is also planning to launch a crypto service in the future.
These developments have been well received within the countries blockchain ecosystem. Urs Bolt, a leading fintech influencer recently said that these moves will enable a favorable regulatory environment for companies.
‘’Overall, it will create one of the most favorable regulatory environments in the world. It will enable the financial center to lead the crypto space and hopefully attract new business to Crypto Valley,” he said.