Umbrella law will adapt Swiss law to blockchain
Yes of the Swiss Parliament on 25 September to the updating of ten federal regulations to facilitate developments in distributed ledger technology
On 25 September the Parliament of the Swiss Confederation unanimously adopted the law on the adaptation of federal law to developments in distributed ledger technology (TRD).
The Council of States confirmed the contents already validated by the National Council only three months earlier, in June.
Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology
The umbrella standard specifically adapts ten federal laws (including international private law, the Swiss Code of Obligations and the law on intermediary securities) in order to refine the conditions for Switzerland to develop as an innovative and sustainable leading center for companies active in the field of TRD and blockchain.
The purpose of the umbrella ordinance is to concretize the legislative adjustments adopted by Parliament in an ordinance of the Federal Council.
From October 19 the consultation procedure
On October 19, the Federal Department of Finance will launch the consultation procedure regarding the umbrella ordinance concerning the blockchain industry, with a deadline for a referendum set to expire on January 14, 2021.
The consultation initiated with the cantons, political parties and other interested circles will last until the following February 2.
The Federal Council will bring the amendments to the laws and ordinances into force, probably with effect from August 1, 2021, which is also the date of the 730th anniversary of the founding of the country.
Blockchain Act unanimously approved in Liechtenstein
The amendments to the Financial Services and Institutions Act, which were adopted by parliament as part of the TRD project, are scheduled to enter into force earlier.
These amendments limit the requirement for certain financial service providers to be affiliated with a mediation body.
A second block will regulate bankruptcies
A second block of the regulatory framework deals with insolvency cases, establishing that cryptocurrencies also fall under the assets included for debt collection and bankruptcy law.
The third block goes fully into the regulation of financial markets, essentially stipulating that the exchange of digital currencies will have to abide by the same rules as traditional markets for stocks and bonds.
