Switzerland to Regulate Cryptos with Existing Laws
The Swiss government has finished exploring the possibilities of new regulations of cryptocurrency and blockchain in the country. Innovative technology "perfectly fits" to present laws.
The Swiss Federal Council in a recent report said that the blockchain fits into the country's existing rules. But still, laws need some changes.
The authorities want to amend the laws regulating the securities issuing so that cryptocurrency tokens could fall under stricter regulation.
Another problem is that now the authorities cannot segregate the crypto assets of bankrupt companies. Therefore, the authorities want to resolve this issue at the legislative level. The government also plans to create a special “authorization category” for blockchain companies.
With regard to the fight against money laundering, the authorities are confident that the existing practices of KYC and AML are quite enough to regulate ICO and cryptocurrency. Therefore, nothing will change in this direction.