Swiss Finance Minister Rejects Distinct Blockchain Legislation in Favor of Present-day Legal guidelines

The Swiss Minister of Finance, Ueli Maurer, has rejected a possible blockchain law in a speech at blockchain meeting Infrachain in Bern, Cointelegraph auf Deutsch reported today, Dec. 4.

As a substitute of a unique blockchain or crypto lawful framework, Switzerland plans to tweak current legislation to permit for the new technologies and its financial applications, Maurer claimed. The federal government expects to propose variations to 6 regulations, which include the civil code and personal bankruptcy law, next yr.

Maurer, who has traveled thoroughly with Swiss bankers, produced it clear that he is aware of the opposition in fintech dealing with Switzerland. He stated at the convention:

“London is currently additional advanced than we are, and centers like Singapore and Shanghai are fierce competitors”.

Meanwhile, neighboring Liechtenstein, not described by Maurer, is now 1 legislative action in advance. In August, the neighborhood govt revealed a draft for the new “Blockchain Act” — a legislation on transaction techniques based mostly on honest technologies (VT) — which is at this time staying examined by an professional commission. The legislation is predicted to be adopted in 2019.

In the United States, U.S. representatives not long ago proposed a bill, dubbed the “Blockchain Advertising Act 2018,” in the Dwelling of Reps with the purpose of creating a doing work team to type a prevalent definition of blockchain.


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