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Switzerland officially approved the development of legislation for crypto-regulation



The Swiss Federal Assembly approved a proposal requiring the government to begin adapting existing legislation to regulate cryptocurrency .

The proposal was submitted by a member of the radical-liberal party, Giovanni Merlini (Giovanni Merlini), who said that the regulation of the sector would close market gaps and protect investors from abuse.

The document was adopted by 99 votes to 83, abstained in the voting of 10 lawmakers. Opponents of the Merlini proposal pointed to the absence in it of specific measures to reduce risks associated with cryptocurrencies. There were also doubts whether crypto-trading platforms should be considered financial intermediaries and fall under the jurisdiction of the Swiss Financial Market Supervision Authority (FINMA).

After approval of the proposal, Finance Minister Uli Meier (Ueli Maurer) noted that it goes beyond the regulation of cryptocurrency, planned by the government. The Federal Council published its proposals for a point change in legislation in December.

Recall that Switzerland is considered to be a jurisdiction friendly to blockchain and cryptoindustry, over the past year the number of companies in the industry has increased by 20%. FINMA published ICO guidelines early last year, and later introduced a new Fintech license with simplified requirements for crypto companies.

Publication date 03/22/2019
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