Blockchain Firms Regulation

Regulation for Blockchain Sector Should Be ‘Fast and Clear,’ Swiss President

Ueli Maurer, the president of the Swiss Confederation, has stressed that establishing regulations for blockchain firms should be fast and clear. According to the report from FinNews on March 27, Maurer made his remarks at the Crypto Valley Summit in Zug on Wednesday.

Maurer is also the country’s Minister of Finance, who addressed the summit just days after the nation’s Federal Council launched its conference procedure with the Swiss parliament over forthcoming amendments to government law that would improve the lawful status of blockchain sector.

With the CV Summit apparently pulling in more than 1,000 people, Maurer told the audience that Switzerland should make definitive and straightforward move to revise existing laws for the new technology and that the Federal Council, and explicitly the Federal Department of Finance, is happy to continue pushing the pace in such manner.

With regards to the blockchain, Maurer suggested that Swiss authorities are “always searching for approaches to remain two steps ahead.”.

Reportedly, Maurer has appealed to delegates from the blockchain and crypto sector to come forward and challenge the national government with crisp ideas, saying – “our [the FDF’s] entryways are open.”

The FDF’s proposed legitimate amendments for parliament’s meeting recently included regulating cryptocurrency and blockchain firms under Swiss debt enforcement and bankruptcy law and making another authorization category for “DLT trading frameworks” inside financial market infrastructure law.

According to the recent report, the Federal Assembly approved a motion to instruct the Federal Council for adapting existing legislation for crypto regulation on March 20.

After the motion’s approval, Maurer reportedly has said that the proposed developments exceeded the criteria of the planned regulation.

Maurer, in December last year, had notably recommended that instead of a particular blockchain or cryptocurrency legal framework, Switzerland need to tweak existing laws to allow for the new technology as well as its financial applications.

On Wednesday, the Swiss Financial Market Supervisory Authority announced that it had finished enforcement proceedings against cryptocurrency mining firm Envion AG while concluding that its ICO was illegal.