Switzerland blooms in blockchain era with new digital assets law

Switzerland blooms in blockchain era with new digital assets law

Following the launch of new digital assets law in the country, which took effect on February 1st, Switzerland is set to thrive in the blockchain industry in the coming years. Regarded as the Blockchain Act, the law sets a firm legal basis for digital asset trading and tokenization while coping up with the threat of digital currency money laundering.

It has been reported that the law will be executed in two phases this year. The first phase, which recently came into action, centers on company reforms, while the second phase, which is anticipated to be launched in August, would look into the financial market upgrades.

Moreover, as per credible sources, the law outlines some of the crucial procedures including the legal process of seizure of digital assets in bankruptcy. Besides, it also highlights the role of digital currency exchange platforms and the legal standing of digital securities.

Speaking on the launch of new law, Hans Kuhn, SEBA Board member, reportedly cited that he believes that the new digital assets law would give Swiss blockchain companies a heads up over other global rivals.

Being one of the first prominent economies with a well-structured digital currency regulatory framework would now allow various companies to create products with enhanced assurance. He added that with the law coming into action, the country is set to reaffirm itself as one of the most innovative and progressive regulatory and legal jurisdictions around the globe which now fully supports the issuance of digital securities on a local blockchain basis.

On the other hand, CEO and Founder of the parent company- Crypto Finance Group, Jan Brzezek, quoted that securing a securities house license of its brokerage stands to be a pivotal moment for the company as well as the country.

This would mean that firms would now be able to offer professionals services to more financial institutions, allowing them to make a debut in this new asset class. This apart, the license also views Crypto Finance’s team dedication and expertise.

Source Credit: https://www.swissinfo.ch/eng/switzerland-officially-ushers-in-new-blockchain-finance-era/46334534