Switzerland Parliament Approved Cryptocurrency Legalisation Bill
The Swiss Parliament has unanimously approved amendments to six existing corporate and financial laws to boost blockchain and cryptocurrency-related activities.
The revised amendments will complete the blockchain law passed by the Swiss House of Representatives this summer, which will affect from February 2021.
The purpose of this amendment is to strengthen the legal process for the business of digital securities. Parliament hopes to curb illegal activities such as money laundering by imposing strict financial sanctions on Swissinfo news reports.
Swiss blockchain federation president Heinz Tännler told Swissinfo “Until next year, Switzerland will be one of the most developed frameworks in the world.”
Besides, the amended Securities Act includes the use of tamper-proof electronic registries. In the report, the relevant details vary from contract to contract.
Although these amendments follow a recent ruling by the Swiss Canton of Zug, allowing future payments in taxes on Bitcoin (BTC) and Ether (ETH), allowing financial institutions and individuals to pay CHF, up to $100,000 or $110,000.
