The crypto-friendly nation, housing over 900 crypto and blockchain firms, Switzerland, has recently passed a brand new set of corporate and finance legislations in favor of the industry. This further establishes Switzerland’s place as the top country in the world for crypto-based companies to thrive in.
These new laws tackle the legalities of trading digital securities as well as its legal procedure of reacquiring digital assets from bankrupt companies. Furthermore, it defines and enumerates the required legal documents in order to run a crypto trading firm without the risk of being targeted by money laundering schemes.
The laws passed by the Swiss Senate complements the country’s already established and unanimously-approved legal code, Blockchain Act, which focuses on driving blockchain and crypto technology to the mainstream. Needless to say, this would serve as a massive boost for both the Swiss crypto scene and DeFi sector.
A major player in the Swiss FinTech industry, Urs Bolt, stated that this new development would undisputedly place Switzerland as the most favorable and enticing crypto regulatory environment in the world today. He adds that these new laws will more than likely attract new businesses towards the country as well as enabling its financial centers to thrive within the space of digital assets.
The new set of laws will be enforced within the country in early 2021.