A new Swiss report on blockchain technology by a federal blockchain/ICO working group has recommended flexible changes to existing regulations that oversee the space in that country.
Regarding cryptocurrency, the report is specifically calling for more clarity for exchanges while safeguarding the current Anti Money Laundering (AML) Act to safeguard the rights of investors. Heinz Tännler, President of the Swiss Blockchain Federation, commented, “Legal implementation now needs to follow on quickly. Switzerland needs this certainty as a base for further development.”
Switzerland is one of the leading lights in the industry and Crypto Valley in the small town of Zug has become a blockchain incubator and driver for numerous blockchain startups.
The report does not recommend a discrete law relating to blockchain but suggests existing civil and financial market laws can still be used to cover the new technology by making relevant adjustments. In this way, a more flexible structure can be created for blockchain-based financial market infrastructures to work with.
A blockchain task force of blockchain industry stakeholders was formed last year when it became clear that emerging technologies were gaining traction within the Swiss financial economy. The task force is also recommending that the highlighted changes in the working group are quickly put into action.
Such is the nature of Switzerland’s enthusiasm for blockchain and cryptocurrency technology, what could have been an investigation into the failings and successes of blockchain became a call for positive action in the hands of the working group comprised of government councilors, councilors of states, and national councilors. The report stated that the idea was to move blockchain further down its successful route:
“The work of our group is geared towards turning that initial spark into a bonfire – for the benefit of Switzerland and of the world.”
Switzerland’s State Secretary Joerg Gasser has opined that standards are now more important than regulation since according to him, fintech has moved beyond the “hype-cycle”. On the horizon, more utility use for blockchain enterprise seems to be developing as well.
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