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Swiss government announced the imminent implementation of cryptocurrency regulation


The Swiss Federal Council, which serves as the collective executive head of government, announced that the first major steps to develop Fintech had already been taken. A legal framework of cryptocurrency is expected to be set very soon, the CoinDesk reports.
The government had earlier developed the legal basis for the work of Fintech companies. The new rules approved on July 5, 2017 will come into force in August.
The Federal Council also promised that it would closely monitor further developments in the field of Fintech and digital technologies. More measures for their regulation are also expected. Determination of cryptocurrency’s legal status will be continued at the accelerated pace.

Among other statements made by the Federal Council there is an initiative aimed at creating an adaptive environment for Fintech start-ups, so-called regulatory sandbox. In particular, companies which get investment amounting to less than CHF 1 million will not be subject to compulsory licensing requirements. However, such investments will not fall under the country’s deposit protection rules.

Measures to support Fintech start-ups and regulate cryptocurrency will influence not only stock exchange start-ups but other companies dealing with cryptococurrency. For example, SBB – the Swiss railway service began to offer Bitcoin sales through its train ticket machines last autumn.

Some Swiss municipal services are actively implementing Blockchain technology. Next September the city of Zug will launch Blockchain-based digital identity to its residents. Ethereum, was the driving force behind this service. The Institute of Financial Services in Zug (IFZ) and the two companies Consensys-Uport and Ti&m were also part of the initiative.

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