Friday, 14 December 2018 – The Swiss Federal Council today released a report detailing Switzerland’s regulatory framework regarding cryptocurrencies and blockchain technology. The report was prepared in consultation with internal and external stakeholders — including the Crypto Valley Association (CVA) which provided input through its Policy and Regulatory Working Group, chaired by Dr Mattia Rattaggi.
The report indicates that the Swiss government will not seek to draft and implement new legislation for crypto and blockchain issues, but rather will seek to apply existing laws.
Dr Rattaggi expressed satisfaction with the contents of the report stating,
“The CVA welcomes the release of the Federal Council’s report, and is entirely in tune with its goal to create the best possible framework conditions for “Crypto Nation Switzerland,” while underlining the country’s integrity and reputation as a financial centre and business location.
It is positive that this is to be achieved through targeted adjustments to the existing legal framework – instead of issuing completely new laws.
We feel that this 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 it principle-based and flexible, while allowing changes to be adopted on a ‘need-to-regulate’ basis.
To a large extent, the report also confirms what we, in the Crypto Valley community, have known for some time — that Switzerland’s regulatory system is already open and relatively flexible These are attributes that have been fundamental in the Crypto Valley’s emergence as a global hub of blockchain innovation.”
The CVA Policy and Regulatory Working Group will work to analyse the details of the report, communicate its contents and implications to the CVA Membership and to continue cooperate with government stakeholders to build the wider Crypto Valley ecosystem.
If you’re interested in more regulatory information, you can read some of the papers published by the Policy and Regulatory Working Group here.