chepicap.com
It appears as if Switzerland, an undisputed leader in the financial and offshore sectors, is taking steps to set up rules in their crypto markets.
According to a press release dated on the 20th of March of 2019, the Swiss governmental bodies have drifted towards crypto regulation. The legislative powers of Switzerland have just called on the executive to “adapt the provisions on procedural instruments of the judicial and administrative authorities so that they can also be applied to cryptocurrencies”, according to an automated translation from the original version, currently only available in German.
The motion, presented by representative Giovanni Merlini from the FDP (liberals), mentions in second place the need of “closing gaps in protection against abuse”, a measure needed due to the anonymity of crypto assets enabling for extortion and money laundering, according to the views of the politician from one of the best-known destinations for opaque fiat funds worldwide.
Other points mentioned as well in the press release regarding the motion are the need for studying whether if crypto exchanges should be subjected to the same regulation as financial intermediaries, in which case they would have to undergo due procedure with the Swiss SEC, the Finma.
Read more: 5 countries that are going big on cryptocurrency adoption; Switzerland's largest retailer, Digitec Galaxus begins accepting Bitcoin