The first phase of the two-part Swiss crypto and blockchain regulatory framework comes into force today.
The first part of the Swiss blockchain law on corporate reforms came into force on Monday
In September 2020, the country’s parliament passed an expanded regulatory framework for crypto and blockchain technology in the country.
According to a report by Crypto Bank, the implementation of the new regulatory framework should help improve the emerging crypto and blockchain scene in Switzerland. Industry representatives in the country praised the expanded financial and corporate reforms in the amendment.
Hans Kuhn, board member of the digital bank SEBA, believes the blockchain law will consolidate Switzerland’s position in the emerging digital economy. According to Kuhn, the regulated issuance of blockchain securities serves the purpose of promoting digital innovation.
On Monday, Crypto Broker AG announced that it had received a license from the Swiss financial market regulator FINMA
With the license, the brokerage firm, which handled over $ 1 billion in deals last year, can now offer tokenized securities to its clients.
Like SEBA and Sygnum Bank, Crypto Broker AG now has a FINMA license . This will further expand the regulated cryptocurrency trading in Switzerland. With the entry into force of the second part of the Swiss Blockchain Act in the summer, companies will establish a significant presence on the stock exchange market for regulated trading in these cryptocurrencies.
Part two of the Swiss Blockchain Act will include major changes to the country’s financial market infrastructure. This part of the blockchain law provides a legal basis for trading cryptocurrencies, as well as other cryptocurrency exchange operations.
Alongside Liechtenstein, Switzerland is now one of the few countries that has passed comprehensive crypto and blockchain regulation that takes into account all the important facets of the industry. In contrast to Switzerland, where existing laws were adapted to the blockchain market, Liechtenstein created a new legal framework for its cryptocurrency and blockchain market.