The Swiss Federal Council published a report on Friday, which provides the legal basis for distributed registry technology (DLT) or blockchain, Coindesk reports.
The document states that the current rules of Switzerland are suitable for working with new technologies, but the amendments are still necessary.
First of all, the council proposed to amend the law on securities in order to increase the legal certainty of crypto tokens :
“Since the entry in the decentralized registry available to interested parties is similar to the ownership of securities, it is advisable to give the entry similar legal force.”
In addition, according to the council, it is necessary to make changes to the Law on Forced Debt Collection and Bankruptcy (DEBA), since it is not clear how cryptoactive assets can be separated.
It is proposed to introduce a new category of authority in the Financial Market Infrastructure Infrastructure Act for blockchain infrastructure providers. The definitions of “securities” or “derivatives” in the rules for the financial market are considered by the council as appropriate for the cryptocurrency market.
Also, the Swiss government said that the country's legislation to combat money laundering is adequately applicable to operations with cryptoactive assets and the ICO , and at present there is no need for its “fundamental revision”.
Recall that recently the Swiss Financial Market Supervision Authority (FINMA) introduced a new fintech license with simplified requirements for crypto companies, amending the law on banking. At the beginning of the year, FINMA published guidelines for conducting an ICO.
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