National assembly advances on cryptocurrency regulations in Switzerland

The national assembly in Switzerland in a motion passed on the 20th of March instructed the Federal Council to start adapting the existing laws for cryptocurrency regulations.

Public representative Giovanni Merlini introduced the motion in the Swiss federal assembly. Merlini seeks the federal government to start taking measures towards cryptocurrency regulations in the country. To move towards proper regulations, he has proposed in his motion that the existing legislative structure shall be used to build a base for cryptocurrency regulations.

The existing regulation base would have to extend the jurisdiction of the current authorities to the cryptocurrency sphere. The motion was quickly approved receiving as many as eighty-three votes of confidence in the assembly.

Following the motion, the federal finance minister of Switzerland Ueli Maurer expressed that the motion would supersede the currently planned change in the regulations.

The motion, however, is in line with the Maurer vision to change the existing laws of the country in order to extend their operational jurisdiction to cover cryptocurrency and blockchain based legislative measures.

The motion brought up in the assembly is another step towards providing protection to the citizens against cryptocurrency frauds, criminal activities, and money laundering. Swiss government would now have to decide whether to define a new boundary for cryptocurrency organizations or include them in existing financial structure.

Switzerland has been working on the regulations since late last year, and the move is a major step towards proper implementation of the law in the country.