News: Switzerland adopted a law to regulate cryptocurrency

Last week, on March 20, the Swiss Federal Assembly adopted a number of legislative changes on the issue of cryptocurrency assets regulation. Yesterday the decision of the country's parliament was approved by the Federal Council and signed by the Federal President Ueli Maurer, after which it entered into force.

The Federal Assembly adopted this decision in such a proportion: 99 voted for, 83 voted against, 10 are abstained. According to the adopted law, which was filed by the deputy of the Council of Cantons Giovanni Merlini, the new provisions allow for a more thorough audit of the use of cryptocurrency in the public sphere. All public and financial organizations that work with cryptoactive assets fall under the effect of the new rules.

"They will be under the supervision of the Ministry of Finance and tax authorities of Switzerland [...] for working with digital assets (issuance of ownership of cryptocurrency, operations with exchange / purchase of cryptocurrency, holding ICO)," - said in the explanatory note to the draft law.

During the discussion, parliamentarians also adopted amendments to previously existing regulatory acts. The new law of the Federal Assembly allows to improve the protection of cryptocurrency against their use for illegal operations (money laundering, extortion, non-transparent currency exchange, etc.). The rules introduced will require additional banking and financial reporting, as well as the introduction of the 2SA system for corporate and legal entities.

The current President of Switzerland, Ueli Maurer, being the Minister of Finance in 2017-2018, has already noted that instead of introducing large regulatory acts on blockchain and cryptoactives assets regulation, the Federal Council and the parliament will change the legal framework for new assets. Also, Mr. Maurer stressed that the government will also actively contribute to the development of this field of activity through licensing and regulating this industry.

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