Swiss Federal Assembly Votes to Apply Cryptoasset Laws

Cryptocurrency Europe Regulations Switzerland

Swiss Federal assembly agreed to instruct the country’s Federal Council to adjust the existing laws to make them applicable to cryptocurrencies.

Voting in favor of a motion, introduced by Liberal assemblyman Giovanni Merlini, the Federal Assembly of Switzerland has agreed to instruct the country’s Federal Council to adjust existing financial laws to make them applicable to cryptoassets.

Currently, a gap exists between the fiat currency market which offers investors wide-ranging protections, and unregulated cryptoassets market, where market players are exposed to manipulation and other risks. The motion which was voted in on March 20 aims to close that gap.

Passed by a 99 to 83 vote majority, with 10 assemblymen abstaining from the vote, the motion’s goal is to place cryptoassets under the supervision of financial authorities, reduce risks associated with cryptos and protect cryptoassets’ users by determining whether crypto exchanges are financial intermediaries and regulating them and other service providers in the crypto space.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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