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The Swiss Federal Ministry of Finance has initiated a consultation process on comprehensive regulations in the field of blockchain and distributed ledger technology.
Negotiations will take place among states, parties and other interest groups in the blockchain field. This plan will last more than three months and will end on February 2, 2021.
This is part of the Swiss government’s active promotion of blockchain and cryptocurrency. The government has amended several existing financial and corporate laws to include the provisions of blockchain technology and distributed ledger technology. The government began negotiations to develop better laws for the blockchain industry only a month ago.
According to the official announcement, amendments to existing laws have improved the Swiss regulatory framework. This country is now more inclined to promote innovation in blockchain and distributed ledger technology.
The comprehensive regulations will help the government incorporate these amendments into federal regulation-level laws, and the Federal Council’s goal is to implement these laws from August 2021.
Switzerland’s support for blockchain and cryptocurrency companies has led many companies from all over the world to set up headquarters in Switzerland. Switzerland has more than 900 blockchain companies and employs more than 4,700 people.
The Swiss government has adopted blockchain and cryptocurrency, so the Swiss canton of Zug, also known as the “crypto valley”, now allows its residents to use Bitcoin (BTC) and Ethereum (ETH) to pay taxes. According to reports, even the government-run Basler Kantonalbank (BKB) bank plans to launch cryptocurrency services.