The Swiss Federal Ministry of Finance has started a consultation process on general regulation of blockchain technology and the distributed ledger.
Consultations will take place between cantons, parties and other interest groups in this area. It is planned to last for more than three months and will end on 2 February 2021.
This is part of the Swiss government’s active interest in promoting blockchain and cryptocurrency. The consultation to create better laws for the blockchain industry comes just one month after the government amended several existing financial and corporate laws to include provisions related to blockchain technology and DLT.
According to the official report, changes in existing laws have improved the legal framework in Switzerland. The country is now focusing more on promoting blockchain and DLT innovation.
The General Decree will help the government incorporate these changes into laws at the level of the federal decree, and the Federal Council intends to activate these laws from August 2021.
Switzerland’s support for blockchain and cryptocurrency companies has led many companies from around the world to open headquarters in the country, which includes more than 900 blockchain companies and more than 4,700 employees.
It is the Swiss government’s adoption of blockchain technology and cryptocurrencies that has made Swiss Zug Canton, also known as Crypto Valley, now allowing citizens to pay taxes in Bitcoin (BTC) and Ether (ETH). Even the state-owned Basler Kantonalbank plans to launch cryptocurrency services.