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Swiss Regulators To Change Legislation In Favor Of Crypto

18:11 21/03/2019
Switzerland To Adapt Its Legislation For Cryptocurrencies

The Swiss Federal Assembly intends to approve new rules to regulate the digital asset industry. To do this, lawmakers need to adapt the already existing legislation for cryptocurrencies, the German office of Cointelegraph reports.

 

The initiative was voiced by a liberal Giovanni Merlini, who proposed to adapt the provisions on the procedural instruments of judicial and administrative institutions, making it possible to apply them to the crypto industry. 99 deputies voted for this decision, 10 more abstained, and 83 opposed.

 

The amendments to the legislation are aimed to protect users, and to deal with such issues as extortion and money laundering through cryptocurrencies, as well as to prevent risks associated with digital assets. In addition, the new rules will determine whether cryptocurrency platforms are financial intermediaries, and whether they can be regulated according to the norms of financial markets.

 

Shortly after the decision was approved, Swiss finance minister Ueli Maurer claimed the initiative went beyond the initial plan, designed to regulate the industry. Previously, he argued that the state first needed to improve existing legislation before creating a separate legal framework to control blockchain and cryptocurrencies.

 

In March, the Basel Committee on Banking Supervision warned financial companies about the risks associated with digital currencies. Before entering the industry, the authority advises to conduct a thorough analysis of own capital and ensure the liquidity of assets.

 

Previously, the former CFTC head urged countries to strengthen crypto regulation.

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