Switzerland will apply regulations in blockchain technology
The Federal Council announced that although the current regulatory framework is adequate enough some changes need to be applied
Last week, the Swiss Federal Council delivered a report detailing the new regulatory framework for blockchain technology.
Although the existing regulations in the European country are adequate to deal with these new trends, the Council considers it necessary to make certain modifications.
In the first instance, an amendment to the country’s securities law has been proposed to increase the legal security of cryptographic tokens.
“Given that an entry in a decentralized registry that can be accessed by interested parties can create an advertisement similar to the property of a security, it seems justified to add similar legal effects to this entry”, detailed the executive authority of the Swiss Confederation.
The Swiss body also indicated that it intends to create a new “category of authorization”, which will serve for infrastructure providers within the technology sector. Additionally, it will apply changes in the Financial Market Infrastructure Law.
Since 2016, the Federal Council has been working on laws to regulate blockchain technology after the country’s Federal Department of Finance described its plans to monitor financial technology.
K. Tovar
Source: Coindesk
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