Switzerland approves legal framework for regulating the crypto industry

Starting in 2021, Switzerland will have a regulatory framework for cryptocurrencies and blockchain. On September 10, a package of amendments to the country’s legislation was approved by the Senate, Swiss Info reports.

The new rules define principles for the exchange of digital securities, the process of asset returns, and the requirements for launching cryptocurrency exchanges. Earlier, the so-called “Blockchain Act” was approved by the House of Representatives.

“From next year, Switzerland will have one of the most progressive regulatory bases,” said Heinz Tenler, head of the country’s Blockchain Federation.

Earlier, the Swiss government rejected creating a separate legal framework to regulate the blockchain and crypto industries. Authorities decided to amend individual laws, ranging from corporate bankruptcy to securities trading.

As of February 2021, the authorities of the Swiss canton of Zug will start accepting taxes in BTC and ETH. Both companies and individuals will be able to settle payments in cryptocurrency.

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