Distributed ledger technology (DLT) and blockchain technologies are among the remarkable and potentially promising developments in digitalisation. Switzerland is one of the leading locations in this area. The Federal Council wishes to further improve the framework conditions so that Switzerland can exploit the opportunities offered by digitalisation.
During its meeting on 18 June 2021, the Federal Council brought the Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology fully into force as of 1 August 2021. The associated blanket ordinance will also enter into force on the same day. This will allow for innovative DLT trading facilities and increase legal certainty in the event of bankruptcy.
One of the key areas of the proposal is the amendment of securities law to provide a secure legal basis for the trading of rights through electronic registers. Furthermore, the segregation of crypto-based assets in the event of bankruptcy is to be clarified by law. Finally, it is planned to establish a new authorisation category for DLT trading systems in financial market infrastructure law, thereby creating a flexible legal framework for new forms of financial market infrastructure.
Further information on the topic can be found on the website of the State Secretariat for International Finance SIF.
Facts about Switzerland as a crypto location
- Switzerland is one of the most advanced financial centres in the fintech and blockchain sector with over 1000 companies and innovation-friendly framework conditions.
- On 1 August 2021, Switzerland became one of the first countries in the world to enact legal regulations for blockchain technology. This creates legal certainty and enables innovation and growth.
- For Switzerland, the integrity of the financial centre is central. It attaches importance to ensuring that the same rules apply to cryptocurrencies as to real monetary assets, e.g. in the area of combating money laundering. Switzerland is actively working for the rapid international implementation of the corresponding international standards so that no loopholes in the law and no havens for criminal business are created.
Last modification 20.10.2022