Given the dichotomous climate of the blockchain sector, where on the one hand it is filled with possibilities and riddled with frauds on the other, the Swiss Confederation President, Ueli Maurer, has shared a piece of his mind on crypto regulations at the CV Crypto Valley Summit held at Zug on March 27. FinNews quoted the president as saying that, “establishing blockchain regulations should be fast and clear.”
This has happened just a few days after the Swiss Federal Council, which is also directed by Maurer, decided to make amendments in federal law to make it more tolerant towards blockchain firms.
Open Doors for Blockchain Firms
Regarding the attitude of Swiss authorities towards blockchain, the president said that they are “constantly looking for ways to stay two steps ahead.” The blockchain firms specifically and the crypto sector in general should not hesitate to come forward and approach the federal government with fresh ideas as President Maurer did not hesitate to state that “our doors are open.”
Amendments and Suggestions
The CV Crypto Valley Summit conference attracted more than 1,000 visitors, and all of them praised the work of the government. The President also told the audience that with the help of the Federal Department of Finance (FDF) the country would be quick in modifying existing laws in favor of blockchain technology.
The FDF also suggested that there should be a new authorized category for “DLT trading system” which should come under financial market infrastructure law and there should also be necessary regulation of cryptocurrency and blockchain firms within the Swiss debt enforcement and bankruptcy law.
Also, the Federal Assembly of Switzerland has passed a motion, on March 20, instructing the Federal Council to amend current legislation in accordance with the cryptocurrency regulations.
Earlier, in December, Maurer recommended that instead of a distinct blockchain or crypto legal framework, Switzerland needs to make amendments in the existing law for the innovative technologies to flourish. Making these amendments will be good for them as Switzerland’s postal service, SwissPost, is collaborating with state-owned telecom provider Swisscom to develop a secure, sustainable and straightforward infrastructure for blockchain in the country.
Image: Alexandros Michailidis / Shutterstock.com