Cryptocurrency
The intersection of business and law with blockchain technology will definitely change the world. Blockchain started as an experiment in money a decade ago. The term blockchain is synonymous with Bitcoin and Cryptocurrency. The blockchain technology started as a solution to digital money, but now it is becoming important outside of financial institutions. Nowadays, this technology is used if different law-related fields: corporate governance, issuance of the blockchain-based shares, smart contracts, cryptocurrency money transferring and management licensing, Anti-Money Laundering (AML) and Know Your Customer application for the blockchain industry.
Swiss government takes seriously this cutting-edge technology and constantly adapting its legislation to follow its expansion. Federal Council published several reports on the legal framework for blockchain / DLT in financial and other sectors. New authorizations and exceptions were established to allow the development of the blockchain-based startups:
FinTech authorization allows companies that operate beyond the core activities characteristic of banks to accept public funds of up to a maximum of CHF 100 million.
Amendments of the Banking Ordinance reducing barriers to market entry for fintech firms were introduced which allow acceptance of funds for settlement purposes within 60 days. The acceptance of the public funds up to CHF 1 million is exempt from authorisation (sandbox).
The Swiss government wants to further improve the framework conditions for companies in the area of blockchain and distributed ledger technology (DLT).
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