Switzerland passed a legal amendment to recognize the legality of digital securities transactions

Switzerland on Thursday passed a series of amendments covering financial and corporate laws, providing a solid foundation for the development of blockchain and cryptocurrencies. According to a report from swissinfo.ch, the government has amended several laws covering matters such as corporate insolvency and securities trading.

Switzerland will open the first "Boring Ape" BAYC themed cafe: On October 24, CryptoJanswiss, a member of the "Boring Ape" community, announced that it will open the first "Boring Ape" BAYC themed cafe "The Bored" in Switzerland on December 11. Café". The store is located near the railway station in Bern, Switzerland, and a promotional photo of BAYC#9426 has been hung on the window of the store.

According to The Bored Café, they will display messages from BAYC and MAYC holders in the store. [2022/10/24 16:36:58]

The new law defines the legality of trading digital securities, as well as the legal process for recovering digital assets from bankrupt companies. It also defines the legal requirements for operating a cryptocurrency trading exchange so that the risk of money laundering using cryptocurrencies can be reduced.

News | Zermatt, Switzerland officially allows taxpayers to pay taxes in BTC: On January 29, the city of Zermatt, Switzerland officially allows taxpayers to pay taxes in Bitcoin (BTC), which is the second city in Switzerland to accept BTC. City. It is reported that Zermatt authorities have cooperated with Bitcoin Suisse, a major Swiss cryptocurrency financial services company, to realize the new taxation method. Previously, the city of Zug became the first city in Switzerland to accept bitcoin payments in 2016. (cointelegraph)[2020/1/29]

Just earlier this year, the Swiss House of Representatives unanimously passed the country’s Blockchain Act.

The father of smart contracts: Bitcoin is the Swiss bank of the mind: Nick Szabo, a pioneer in the field of cryptocurrencies, said in a recent interview that some people are not optimistic about cryptocurrencies because Bitcoin cannot buy things. Perhaps Bitcoin does not function as a medium of exchange now, but it may function as a store of value. It could be a Swiss bank in people's pockets or minds, or a safeguard against a banking crisis like Cyprus. In my circle, there are many people who put Bitcoin and fiat currency on an equal footing and accept Bitcoin for settlement. It sounds a bit illusory, like a bubble, just because many people believe it is money, you then say it is money. [2018/6/12]

Amendments to these laws are likely to come into force early next year, when the blockchain and cryptocurrency industry, as well as decentralized finance, is expected to get a big boost in Switzerland.

Currently, Switzerland has more than 900 blockchain and cryptocurrency companies, and about 4,700 people are engaged in related work. The Libra Association, led by social media giant Facebook, is headquartered in Switzerland.

Switzerland, which has been a major player in banking and finance, embraced blockchain and cryptocurrencies a few years ago and supports companies to trial the technology.

Just last week, the cantonal government of Zug, Switzerland’s “Crypto Valley”, now supports the use of cryptocurrencies for tax settlements, according to BitTwitter. Local residents can now pay taxes in two cryptocurrencies, bitcoin and ethereum.

In addition, Swiss digital asset bank Sygnum’s digital asset trading tool (OTF) was also approved by the Swiss Financial Market Supervisory Authority (FINMA) last week.

Image source: pixabay

Written by Liang Che

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