News Swiss lawmakers look to boost blockchain innovation

Swiss lawmakers look to boost blockchain innovation

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The Swiss government has unveiled plans to improve frameworks for distributed ledger and blockchain technologies. In an announcement, Switzerland’s Federal Council said the proposals would increase legal certainty, remove barriers for blockchain applications and reduce the risk of abuse.

The revisions to the previous framework propose specific amendments to nine federal acts across civil and financial law and were based on industry feedback.

In May 2019, the government proposed a series of amendments to the existing legislation and submitted them for consultation. It received 80 industry responses, which allegedly “welcomed” the proposals.

While the government hasn’t announced an exact date as to when the proposals will be implemented into law, it said parliament will “probably examine the proposal for the first time in early 2020.”

In a statement, the government added, “The development of DLT is predicted to have significant potential for innovation and efficiency gains in the financial sector as well as other sectors of the economy.

“In recent years, a remarkable ecosystem with innovative fintech and blockchain companies has developed in Switzerland, especially in the financial sector.”

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