Bitcoin

Switzerland speeds up the legalization of the cryptocurrency market

Navigation

Blockchain Documentary: Switzerland and the Crypto Revolution | Dash | Bitcoin | Cryptocurrencies

Switzerland speeds up the legalization of the cryptocurrency market

Switzerland speeds up the legalization of the cryptocurrency market
CONTENT

  • Swiss Senate Adopts Range of Blockchain Law Reforms

  • The law is expected to enter into force in early 2021

  • The investment climate in the blockchain market is going through hard times

International consortium of news organizations developing transparency standards.

Swiss Blockchain Law, also targeting the cryptocurrency market, is expected to come into effect early next year

Swiss Senate Adopts Extensive Financial and Corporate Law Reforms Under the Blockchain Law, Swissinfo reports.

The law is expected to enter into force in early 2021.

Switzerland speeds up the legalization of the cryptocurrency market

Join our telegram channel to keep abreast of the main trends in the crypto market.

Potentially, the law opens the door not only to the decentralized finance market (DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to open, efficient and … More), but also to create shares in digital companies and a number of other traded assets, writes the Swiss portal.

Through reforms, some existing laws have been updated, including the bankruptcy process of companies, as well as trading in securities.

Market rescue

President of the Swiss Blockchain Federation Heinz Tannler welcomed the adoption of reforms aimed at legalizing the cryptocurrency market and the blockchain industry:

“Starting next year, Switzerland will have one of the most advanced regulatory frameworks in the world.”.

The adopted bill should accelerate the development of the cryptocurrency industry, which slowed down amid the coronavirus pandemic.

So, for example, in May of this year, the Swiss “Crypto Valley” was under the threat of a wave of bankruptcies.

Then the authorities of the Swiss city of Zug refused to create a separate fund in the amount of $ 102.7 million to help the “cryptocurrency valley”.

Global investment decline

However, difficulties for the cryptocurrency and blockchain market were recorded not only in Switzerland..

BeInCrypto reported that international blockchain investment plummeted 63% in H1 2020.

However, the Swiss authorities did not unilaterally abandon cryptocurrencies..

Learn how to trade in the cryptocurrency market with BeInCrypto partner – the StormGain cryptocurrency exchange

Switzerland speeds up the legalization of the cryptocurrency market

In early June, the Swiss Financial Markets Authority (FINMA) for the first time granted InCore permission to participate in digital asset transactions.

Thus, InCore became the first Swiss bank in the B2B segment, which FINMA allowed to conduct a business related to cryptocurrencies..

Bans policy

Where things are different in the domestic market, where proposals are being discussed to deprive any financial benefit of the development of the domestic cryptocurrency market.

The Russian Association of Cryptocurrencies and Blockchain (RACIB) believes that over the past three years, the Russian legislator has not developed a unified approach to regulating the cryptocurrency market..

RACIB President Yuri Pripachkin has already stated that with “prohibitive and absurd norms”, digital business will soon find itself in the position of seeking foreign jurisdiction to conduct its activities.

What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles