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Switzerland Sets a New Example for Crypto Regulation

Opinion

Switzerland Sets a New Example for Crypto Regulation

While the other countries still, in certain measures, hold onto their tough stance on cryptocurrency and blockchain industries, Switzerland has emerged as an example of a nation keeping up with technological advancements.

The country has always welcomed business with open arms. Similar is the Swiss government’s approach to its blockchain hub, the ‘crypto valley’ of Zug. So much so that according to a recent report by Atomico, a technology investment firm, Switzerland’s crypto valley has been the most rapidly growing technology community in all of Europe in the past year. This growth is because of several factors, the most important being the type of government in the country.

Switzerland’s broad outlook can be illustrated with several examples, the foremost being that in the year 2016, Zug became the first city in the world to accept taxes in cryptocurrency. Again in 2017, the city pioneered a decentralized digital identity framework. 

The Swiss government also does not have a tenacious regulatory framework for the blockchain world. In December 2018, Switzerland’s Finance Minister announced that instead of completely changing the regulatory framework laid out for blockchain, revisions could be made in the existing ones. After this comment, Switzerland’s Federal Council prepared a report focussing on the existing regulatory framework for blockchain in the country and also suggesting the revisions that were needed in it. This March, the council began its consultation period for the same.

Into the same effort also goes the establishment of The Swiss Blockchain Federation, a step towards promoting compatibility between the private sectors and the government.

Parting thoughts

With Switzerland’s positive and progress-friendly attitude, it has grown to be a leading country where business and technological advancements go hand in hand together. These are the very reasons why the state is ideal for new blockchain businesses.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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