Swiss Government Begins Consultation Process For Blockchain Laws

Swiss government begins consultation process for blockchain laws. The Federal Finance Department of Switzerland has launched a consultation process in the blockchain and distributed ledger technology space for a blanket ordinance. Consultations is set to take place between cantons, parties and other interested groups. It is expected to continue for over 3 months ending on Feb. 2, 2021.

This is part of the active interest of the Swiss Government in the promotion of cryptocurrencies and blockchains. This consultation comes just after a month of the government changing many existing finance and corporate laws to add rules for blockchain technology and DLT.

According to an official announcement, the amendments to the existing laws have improved the regulatory framework for Switzerland. The country is now more aligned to promote blockchain and DLT innovation.

The blanket ordinance will assist the government at the federal ordinance level to implement these amendments into legislation, and the Federal Council plans to bring these legislation into effect beginning in August 2021.

Support from Switzerland for blockchain and cryptocurrency companies has resulted in the establishment of headquarters in the country by many companies from around the world. More than 900 blockchain companies that employ over 4,700 people are hosted in the region.

The adoption of blockchain and cryptocurrencies by the Swiss government has brought on Swiss canton of Zug, also known as the “Crypto Valley,” to allows its residents to pay taxes in Bitcoin (BTC) and Ether (ETH). The government-run bank Basler Kantonalbank, or BKB, was reported to be planning to launch cryptocurrency services.

[image: Martin Sattler]

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