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A 2-stage program for the implementation of new legislation on cryptocurrencies and blockchain technologies in Switzerland entered into force on Monday. The regulatory framework concerns crypto companies and blockchain startups that will have to undergo a number of changes
The new legislation was adopted by the Swiss authorities back in September 2020, but its implementation was postponed until February 2021. Many interested parties took part in the discussion.
Crypto companies have praised the blockchain and cryptocurrency reforms. Clearer legislation provides better regulation and development of the cryptosphere, according to Swissinfo.
The second phase of the rollout of the new legislation will focus on updating the infrastructure of the financial industry. The efforts of the authorities will provide support for securities trading on the blockchain, trading and cryptocurrency exchange.
Switzerland, introducing new legislation in the field of cryptocurrencies, is on a par with Liechtenstein. However, unlike him, Switzerland has finalised existing laws, and Liechtenstein has created a new regulatory framework for the crypto market.