The Swiss Federal Council adopted yesterday the dispatch on the framework conditions for DLT/blockchain that aims at increasing legal certainty, removing barriers for applications based on DLT and reducing the risk of abuse. The CVA welcomes this step.
The decision constitutes a very important development for the blockchain industry in Switzerland. It provides the country with a very advanced, fundamental and comprehensive legal framework for the DLT/blockchain industry, achieved by adapting existing laws to the extent that necessary instead of introducing a technology-bespoke law.
The CVA is also pleased to see that many of the comments it provided in the course of the consultation (for instance regarding the bankruptcy law) have been taken into account (along with various comments provided by other national trade associations). The first draft of the dispatch was first proposed in December 2018 and put in consultation until June 2019.
With this framework, Switzerland possesses the best conditions to further nurture its already leading, innovative and sustainable position for fintech and DLT companies. The Swiss Parliament will probably examine the proposal for the first time in early 2020.
The CVA wishes a swift political process and stays ready to assist it as needed and required.