Switzerland: the national Council calls for regulation of crypto-currencies

the The Swiss national Council wants to regulate Bitcoin & co. strict. A similar request by the liberal Giovanni Merlini, the national Council adopted, on 20. March. The thrust is mainly on the mitigation of risks caused by the (supposed) anonymity of crypto-currencies. An approval of the application by the Council of States is, however.

By Christopher clover
22. March 2019 BTC$3.998,54 0.23% part Facebook Twitter LinkedIn xing mail

positioned in Switzerland has been quite crypto-savvy Nation. Above all the Canton of Zug has become one of the most important locations for FinTech companies. Alone, the regulation is lagging behind the rapid development in the Swiss crypto-Space still – at least in comparison with competing Blockchain Hubs like Malta or Singapore. Finance Minister Ueli Maurer has its own Blockchain legislation last updated on July 17. December 2018, a cancellation issued. Nevertheless, it reserved already at that time, to respond to technological changes with a flexible legislation.

proposals on the proposed regulation,

go Into this Horn, the proposal of the parliamentarian Giovanni Merlini, the national Council meets on 20 may. March has been decided. The FDP politician calls for an adjustment of the procedures, legal instruments, so that these can also be on the crypto-Space apply. The proposal received with 99 to 83 vote (10 abstentions), with a narrow majority. The Ticino's liberals, it is primarily the mitigation of risks caused by the perceived anonymity of crypto-currencies. This would have – you know the Argument, money launderers and extortionists easy game. It is therefore advisable to check how loopholes in the law for crypto-currencies to close. Thus, the question of how and whether the operators of Bitcoin exchanges by the Swiss financial market Supervisory authority (Finma) supervises and, therefore, "traditional" financial intermediaries on an equal footing is to be connected.

After the successful vote in the national Council Merlinis suggestion must now be examined from the small chamber of the Parliament, the Council of States. According to a release from the Swiss Parliament, stated Finance Minister Ueli Maurer, that Merlinis thought to venture beyond the regulatory measures in addition. The exact wording of Merlinis advance has not been published at the time of the editorial deadline. The Federal Council intends, however, to send in spring, and the proposals for the crypto-regulation in the consultation process.

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