New Blockchain-Era of Finance for Switzerland; Phase One of Sweeping Crypto Reforms Rolls Out

CRYPTONAIRE LYWEEK

CRYPTO investment journal

New Blockchain-Era of Finance for Switzerland; Phase One of Sweeping Crypto Reforms Rolls Out

For many years, Switzerland has rapidly embraced both blockchain technology and cryptocurrencies, hosting a large number of companies in and around Zurich, for example. As of Monday this week, a new era of blockchain finance is ushered in across Switzerland.

This week is being referred to more commonly as the first phase of a series of blockchain laws that cover company reforms. Switzerland has been steadily working its way to a more competitive framework for cryptocurrencies and blockchain. For example, in September 2020, the country’s parliament passed a wide-sweeping regulatory framework for digital assets.

So, why is this new law so important? It effectively places digital assets on a similar legal standing to conventional assets. What makes it so important is that Swiss lawmakers decided to put together adapted legislation to create a more bespoke legal structure for Distributed Ledger Technology, which could be added to Switzerland’s legal framework.

Alexander Vogel, a Partner at Meyerlustenberger Lachenal (MLL), a Swiss legal firm, explained that these new rights would provide far greater clarity for digital assets and blockchain-focussed companies

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