Switzerland has expressed growing interest in blockchain by developing laws for new technology. In its latest report, the Swiss State Secretariat has highlighted predictions for “blockchain’s noteworthy and promising developments for innovation and enhanced security.” Earlier this year, a blockchain working group was set up to compile a report based on the analysis of the blockchain. The report has now been adopted by Switzerland’s Federal Council.
According to Cryptoslate, the report outlined that “Switzerland should swiftly make targeted adjustments with regard to DLT/blockchain applications and policymakers should provide an optimal framework conducive to innovation.” Its further states that Switzerland authorities should position themselves as open towards technologies and continue its seek for a principle-based and technology-neutral legislative and regulatory approach.
Moreover, the Council is very much clear about its “desire to exploit the potential benefits of the new tech.” Coinspeaker reveals that the Swiss Federal Department of Finance created a blockchain/ICO working group to analyze the Swiss fintech and finance field to determine the needs of this sector from the regulatory point of view. “The government expects to see proposed changes to civil, insolvency, financial market, banking, and anti-money laundering laws with a view to ensure a higher level of flexibility that will allow to better satisfy the needs of blockchain/DLT applications.”
The Crypto Valley Association (CVA) has welcomed Swiss’s initiatives. The Chair, Dr. Mattia Rattagii, of the CVA’s Policy and Regulatory Working Group said the approach best represents the principle of technological neutrality. “And is in line with the position taken by the CVA in the consultation process. Crucially, this approach ensures maximum consistency within the current legal framework while keeping in principle-based and flexible, while allowing changes to be adopted on a ‘need-to-regulate’ basis.”
Switzerland, in its enthusiasm for innovative technology, has given hope to the struggling blockchain tech in terms of acceptance and universalization. As per Cryptoslate “by utilizing a ‘bottom-up approach’, Switzerland can allow the market and technology to come into its own ‘based on the principle’.”
Now that blockchain has been given a boost in Switzerland, other countries are very much likely to do the same.