Following the Federal Council’s adoption on 27 November 2019 of the Dispatch on the Federal Act on the Adaptation of Federal Legislation to Developments in the Technology of Distributed Electronic Registers with a view to further developing Switzerland as a leading, innovative and sustainable location for finite technology and DLT companies, the National Council adopted the Federal Council’s proposed amendments to the law on 17 June 2020 with a few adjustments. (Our summary of March 2019 can be found at Verbesserung der Rahmenbedingungen für Blockchain/DLT)
Subsequently, the Commission for Economic Affairs and Taxation of the Council of States (WAK-S) began deliberations on the bill proposed by the Federal Council on 3 July 2020 and will provide detailed advice at its meeting on 20 and 21 August 2020. However, critical voices are being raised from the WAK-S, particularly with regard to criminal activities in connection with the DLT, the money laundering risk and the future of central banks in terms of money creation.
The new federal law is intended to establish and further develop Switzerland as a leading, innovative and sustainable location for Fintech and DLT companies. At the same time, abuses are to be consistently combated and the integrity and good reputation of Switzerland as a financial and economic centre are to be guaranteed.