- Switzerland approves new crypto regulations
- New regulations seek to keep Switzerland at the forefront of blockchain technology.
The Swiss parliament has signed a new set of crypto regulations into law. These new rules consider the development and the further improvements that have met the blockchain and crypto industry as being germane to the growth of the industry in the country.
Switzerland’s new set of crypto regulations would begin to be implemented by 2021. The law was drafted with concerns on under-regulation and the need for an enabling environment that can allow the crypto industry to thrive.
The Swiss Federal Council, while it was consulting market players during the process of amending the previous statute, made it known that the new crypto regulations would aim to consolidate Switzerland as a country that is showing concern for the crypto industry’s growth. And also, the best place to make blockchain, crypto, and other fintech investments.
One Swiss regulator says Switzerland is only following the global trends of removing market players that may deliberately be defying the laws guiding international investments.
Crypto Regulations in other countries
While Switzerland and a host of other countries are introducing a new raft of laws that seeks to legalize trading cryptocurrency and other digital assets. Countries like the United States have maintained an ambiguous crypto regulation that has forced the hands of some players into threatening to leave the country.
For example, China is making headway in its pursuit of a digital currency as it is currently seeking to implement the Digital Yuan across all of its cities and provinces. We also reported how the Bahamas has also kickstarted the implementation of its Sand Dollars, which would be pegged to its Bahamian Dollar.
Not only that, Japan and Russia are neck deep into creating a Central Bank Digital Currency (CBDC) project while also implementing new regulations that will make their country attractive and conducive to crypto investors.
All of these are being done so that their countries would be at the vanguard of the new and growing financial technology of payment and transactions in the world.