{"id":95032,"date":"2018-12-16T00:16:05","date_gmt":"2018-12-16T08:16:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=95032"},"modified":"2020-03-24T07:01:28","modified_gmt":"2020-03-24T07:01:28","slug":"new-legal-framework-in-switzerland-gives-boost-to-blockchain","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/new-legal-framework-in-switzerland-gives-boost-to-blockchain\/","title":{"rendered":"New Legal Framework in Switzerland Gives Boost to Blockchain"},"content":{"rendered":"<p>The Swiss State Secretariat for International Finance (SIF) announced the Federal Council\u2019s adoption of a recent <a href=\"https:\/\/www.newsd.admin.ch\/newsd\/message\/attachments\/55110.pdf\">report<\/a>\u2014<em>Legal Framework for Distributed Ledger Technology and Blockchain in Switzerland\u2014<\/em>and expressed their intent to assist in developing laws for new technologies, specifically distributed ledger technology and blockchain innovation.<\/p>\n<h2>Switzerland: Blockchain Safe Haven?<\/h2>\n<p>In a Dec. 14th\u00a0<a href=\"https:\/\/www.sif.admin.ch\/sif\/en\/home\/dokumentation\/medienmitteilungen\/medienmitteilungen.msg-id-73398.html\">press release<\/a>, the Swiss State Secretariat released a report outlining predictions for blockchain's \u201cremarkable and potentially promising developments\u2026 for innovation and enhanced security,\u201d while at the same time, holding a cautious tone about the future of regulation regarding the new technology.<\/p>\n<figure id=\"attachment_93614\" aria-describedby=\"caption-attachment-93614\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-93614\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/swiss-stock-exchange-leads-social-300x158.jpg\" alt=\"\" width=\"300\" height=\"158\" \/><figcaption id=\"caption-attachment-93614\" class=\"wp-caption-text\">Related:\u00a0<a title=\"Swiss Stock Exchange Leads the Way with World\u2019s First Multiple-Crypto Exchange-Traded Product\" href=\"https:\/\/cryptoslate.com\/swiss-stock-exchange-leads-the-way-with-worlds-first-multiple-crypto-exchange-traded-product\/\">Swiss Stock Exchange Leads the Way with World\u2019s First Multiple-Crypto Exchange-Traded Product<\/a><\/figcaption><\/figure>\n<p>The report outlines the fundamentals and potential uses of blockchain and DLT tech, places this insight in an international context, examines the applicable legal framework\u2014particularly financial market law and classification of tokens as \u2018assets\u2019\u2014and discusses potential problems.<\/p>\n<p>The report outlines the following principles:<\/p>\n<ul>\n<li>Policymakers should provide an optimal framework conducive to innovation.<\/li>\n<li>Switzerland should swiftly make targeted adjustments\u2026 with regard to DLT\/blockchain applications.<\/li>\n<li>Switzerland should continue to pursue a principle-based and technology-neutral legislative and regulatory approach.<\/li>\n<li>Switzerland should position itself as an attractive location [for] DLT\/blockchain companies.<\/li>\n<li>Swiss authorities should position themselves as open towards new technologies.<\/li>\n<\/ul>\n<p>The report makes no claims as to what the future holds. What\u2019s clear, however, is the council\u2019s desire to \u201cexploit\u201d the potential benefits of the new tech and to usher in a welcoming environment for blockchain businesses in Switzerland:<\/p>\n<blockquote>\n<p style=\"text-align: left;\">\u201c[The Federal Council] wants to create the best possible framework conditions so that Switzerland can establish itself and evolve as a leading, innovative and sustainable location for fintech and blockchain companies.\u201d<\/p>\n<\/blockquote>\n<p>The primary goal, as stated in the report, is a boon for struggling blockchain tech, especially in terms of acceptance and universalization. By utilizing a \u201cbottom-up approach,\u201d Switzerland can allow the market and technology to come into its own \u201cbased on principle,\u201d not on the whim of a spooked market, or uninformed government body.<\/p>\n<p>Of the several principles outlined in the report, the <em>laissez-faire<\/em> approach of leaving decision-making \u201cup to the market\u201d stands out as an optimistic take on the recently grim regulatory landscape:<\/p>\n<blockquote>\n<p style=\"text-align: left;\">\u201cThe preferences of the market and society should decide which technologies prevail, while policy should ensure optimal and innovation-friendly framework conditions.\u201d<\/p>\n<\/blockquote>\n<h2>Need for Regulation<\/h2>\n<p>Along with this rosy outlook, however, comes the need for updating the financial regulatory \u201cinfrastructures\u201d currently in place. The Council suggests \u201ccreation of a new authorisation category for crypto-based assets.\u201d The report does not go so far as to predict the future; it simply states the need for \u201cadjustments\u201d to the current financial regulatory framework:<\/p>\n<blockquote>\n<p style=\"text-align: left;\">\u201cThis paradigm shift (i.e. the shift from centralised to decentralised structures) also poses major challenges for the regulator[s]. The same aims will apply in\u00a0 decentralised structures as in centrally organised financial markets.&#8221;<span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<\/blockquote>\n<h2>Observation of \u2018Due Diligence\u2019<\/h2>\n<p>Additionally, the report mentions the awareness of potential threats from money launderers, as well as terrorists using the new technology to nefarious ends.<\/p>\n<p>Addressing these issues, the report includes an in-depth examination of Swiss Criminal Code, but ultimately concludes that monitoring transactions\u2014regardless of the classification of assets\u2014is up to financial intermediaries to police the exchange of all assets intended for corrupt business dealings or terrorist-related transactions:<\/p>\n<blockquote>\n<p style=\"text-align: left;\">\u201cFinancial intermediaries must observe duties of due diligence to prevent money laundering and terrorist financing, as well as duties in the event of a suspicion of money laundering. Due diligence duties [include] clarifying the type and purpose of the business relationship.\u201d<\/p>\n<\/blockquote>\n<p>Swiss law adheres to several know-your-customer (AML) and anti-money laundering (AML) guidelines common among financial hubs.<\/p>\n<p>However, they still have room to improve as they are <a href=\"http:\/\/kycmap.com\/\">known<\/a> for a &#8220;lack of adequate regulation of some potential means of facilitating money laundering.&#8221; This is even more urgent considering the anonymous nature of cryptocurrencies.<\/p>\n<p>Still, Switzerland is poised to take on the challenge of blockchain technology. According to the <a href=\"https:\/\/www.heritage.org\/international-economies\/commentary\/2018-index-economic-freedom\">Heritage Foundation\u2019s 2018 Index of Economic Freedom<\/a>, Switzerland ranked 4th (behind New Zealand, Singapore, and Hong Kong), demonstrating its initiative in promoting economic development based on \u201crule of law, government size, regulatory efficiency, and open markets.\u201d<\/p>\n<p>This latest move ensures Switzerland\u2019s place as a promising option for companies and developers interested in pursuing blockchain development. On the same token, this may also defeat some of the principles of decentralization, a cornerstone of the blockchain ethos.<\/p>\n<p>Along with its reputation for economic freedom, perhaps Switzerland will become known as a sanctuary for blockchain and cryptocurrency technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Swiss State Secretariat for International Finance (SIF) announced the Federal Council\u2019s adoption of a recent report\u2014Legal Framework for Distributed Ledger Technology and Blockchain in Switzerland\u2014and expressed their intent to assist in developing laws for new technologies, specifically distributed ledger technology and blockchain innovation. Switzerland: Blockchain Safe Haven? In a Dec. 14th\u00a0press release, the Swiss [&hellip;]<\/p>\n","protected":false},"author":116,"featured_media":95025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,60209,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Legal Framework in Switzerland Gives Boost to Blockchain<\/title>\n<meta name=\"description\" content=\"Swiss State Secretariat for International Finance (SIF) announced the Federal Council\u2019s adoption of a recent report (Legal Framework for Distributed Ledger Technology and Blockchain in Switzerland) and expressed their intent to assist in developing laws for new technologies, specifically Distributed Ledger Technology and blockchain innovation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/new-legal-framework-in-switzerland-gives-boost-to-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Legal Framework in Switzerland Gives Boost to Blockchain\" \/>\n<meta property=\"og:description\" content=\"Swiss State Secretariat for International Finance (SIF) announced the Federal Council\u2019s adoption of a recent report (Legal Framework for Distributed Ledger Technology and Blockchain in Switzerland) and expressed their intent to assist in developing laws for new technologies, specifically Distributed Ledger Technology and blockchain innovation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/new-legal-framework-in-switzerland-gives-boost-to-blockchain\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-16T08:16:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-24T07:01:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/12\/legal-switzerland-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eric Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Legal Framework in Switzerland Gives Boost to Blockchain\" \/>\n<meta name=\"twitter:creator\" content=\"@tgurvy\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eric Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/new-legal-framework-in-switzerland-gives-boost-to-blockchain\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/new-legal-framework-in-switzerland-gives-boost-to-blockchain\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/eric-moos\/#person\",\"name\":\"Eric Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/eric-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/eric-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/eric-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/12\/Eric-Moos-profile-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/12\/Eric-Moos-profile-1-300x300.jpg\",\"caption\":\"Eric Moos\"},\"description\":\"Eric Moos is based out of Portland, Oregon. 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For the past decade he has taught English at a university in South Korea. He has recently taken a break from teaching to pursue his interest in blockchain technology. Aside from teaching, writing, and editing for blockchain publications, Eric enjoys writing short fiction, doing anything outdoors, and travelling.","sameAs":["https:\/\/twitter.com\/tgurvy"],"url":"https:\/\/cryptoslate.com\/author\/eric-moos\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/95032"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/116"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=95032"}],"version-history":[{"count":8,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/95032\/revisions"}],"predecessor-version":[{"id":95044,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/95032\/revisions\/95044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/95025"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=95032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=95032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=95032"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=95032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}