The Swiss Assembly of States has prepared a new legal framework to cover cryptocurrency and decentralized finance (DeFi) transactions across the country. Thanks to these new laws, companies in Switzerland will be able to create digital shares, in other words, digitize their shares.
The Swiss Council of States announced this week that it approved a new financial reform. This reform package also includes some regulations regarding cryptocurrency and blockchain transactions. Thanks to these new laws, companies in Switzerland will be able to see how to trade digital securities, what standards are set for crypto money exchanges, and what limits are drawn on the use of illegal cryptocurrencies.
— SIF_SFI (@sif_sfi) September 10, 2020
Digitalization Friendly Move
These reforms, approved by the Swiss Assembly of States, were welcomed by digital currency supporters. Urs Bolt, one of the prominent names of the fintech community in the country; He made a few statements to Decrypt about this. Bolt said Switzerland could become a pioneer in the cryptocurrency space with this reform package. Bolt also announced that Switzerland is currently one of the most attractive countries for cryptocurrency regulations.
It is known that countries such as Liechtenstein and Malta have prepared comprehensive regulations for crypto money transactions. However, it is the first time that a large financial center like Switzerland has taken such a step. However, it should not be surprising that the country that signed this first is Switzerland.
Switzerland, which has been following cryptocurrency friendly policies for several years, has already turned the city of Zug into a Crypto Money Valley. More than 900 blockchain companies were established here in just a few years. The reason for this is, of course, that Switzerland offers serious incentives and opportunities to these companies.