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Switzerland: Federal Council begins a consultation period on the amendment of the law to develop Blockchain

2019-03-22 03:45 pm | Resource: News Section | No Views : 115

Switzerland: Federal Council begins a consultation period on the amendment of the law to develop Blockchain The Federal Council of Switzerland began a period of consultation on the amendment of the federal law for the development of Blockchain, according to an official press release published on Friday, March 22.
Through the initiation of consultations, the Federal Council intends to improve legal certainty on Blockchain applications, in order to build a foundation for the regulatory framework of industry in Switzerland, especially in the financial sector.
According to the document, consultations of the Federal Council will continue until the end of June 2019.
In mid-December 2018, the Swiss Federal Council adopted a report on the legal framework of blockchain technology in the financial sector, explaining that the current financial law in the country is suitable for blockchain industry, but needs some specific modifications. The Commission called for improved legal clarity of rights holders on the Blockchain network, and ensuring that decentralized trading platforms are subject to AML law in the country.
Following this announcement, the Council has now issued a draft advisory document proposing a number of amendments, including the creation of a digital rights registry in the Swiss Code of Obligations, as well as the separation of Crypto assets in case of bankruptcy in the Federal Debt Collection and Bankruptcy Act.
The Board also proposed the establishment of a new licensing category for DLT trading facilities in the Market Infrastructure Act to provide a structured financial market. Apart from this, the Commission proposed amending the Financial Institutions Act in the future in order to prepare a license to operate a business as a securities company.
The Swiss Federal Council said that anti-money laundering policies will be integrated into the planned amendment of the Anti-Money Laundering Act as part of the ongoing review of the Anti-Money Laundering Act.
Earlier this week, the Swiss Federal Assembly approved a proposal to instruct the Federal Council to adapt existing legislation to regulate digital currencies.

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