The Swiss federal government is passing to parliament a revised plan aimed to remove legal hurdles still holding up innovation based on blockchain and distributed ledger technology (DLT).
At a meeting on Nov. 27, the Federal Council – the executive body that constitutes the federal government – adopted a proposal to improve the legislative framework for the nascent technology. According to a notice from Switzerland's federal finance department, the move is aimed at "increasing legal certainty, removing barriers for applications based on distributed ledger technology (DLT) and reducing the risk of abuse."
The legislation, developed as a "blanket framework," proposes amendments to nine federal acts across civil and financial market law, according to the announcement.
The nation is already known as one that is crypto and blockchain friendly, with its Zug region playing host to a large number of industry firms. Facebook also chose to incorporate the Libra Association in Switzerland. Read More...