Step one of the Swiss Blockchain Act came into force

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The first phase of Switzerland’s two-part crypto and blockchain regulatory system has been successful as of today.

On Monday, section one of the Swiss blockchain regulations on business restructuring came into force. Back in September 2020, the country’s parliament introduced an extended regulatory system for crypto and blockchain technologies in the country.

According to the Swissinfo article, the introduction of the latest regulatory model would help to boost the emerging crypto and blockchain scene in Switzerland. Indeed, business leaders in the country praised the broadened financial and corporate reforms contained in the updated legislation.

For Hans Kuhn, a member of the board of the digital bank SEBA, the blockchain legislation sets Switzerland’s position in the new digital economy. According to Kuhn, the supervised issuing of blockchain-based securities points the country’s emphasis on fostering digital innovation.

Also on Monday, Crypto Broker AG reported that it had obtained a license from the Swiss Financial Market Supervisory Authority or FINMA. With a licence, a trading company that paid more than $1 billion in transactions last year will now sell tokenized shares to its customers.

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Crypto Broker AG is now joining as FINMA license holders SEBA and Sygnum Bank in the further growth of the regulated crypto securities trading arena in Switzerland. With part two of the Swiss blockchain regulations scheduled to come into force in the summer, businesses will aim to develop a major position in the market for controlled trade of these crypto shares on the asset exchange market.

Part two of the Swiss blockchain regulations would cover substantial improvements to the country’s financial market technology. This section of the blockchain act would provide regulatory support for the selling of crypto shares as well as other cryptocurrency exchanges.

Switzerland is now entering Liechtenstein as one of the first countries to pass full-spectrum crypto and blockchain laws that protect all major aspects of the industry. However, unlike the Swiss solution that changed current legislation to suit the blockchain industry, Liechtenstein has established a new legislative system for the cryptocurrency and blockchain market.

 

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