According to a new report, politicians in the Swiss Senate passed a new set of financial law reforms on Thursday, September 10. The "Blockchain Law" will provide a clear legal framework for cryptocurrency trading and its relationship to securities laws. The proposed legal reforms were unanimously agreed upon by the Swiss House of Representatives this summer. The new law will come into force by early 2021.
Switzerland's decision to accelerate the adoption of new laws was made amid the rapid growth of the blockchain business in the country. With the new reforms, more than 900 Swiss blockchain companies will be in a better legal position with regard to cryptocurrency issues.
The legal reforms are expected to benefit Switzerland's leading banking industry, much of which already provides crypto services in one form or another. The laws will also open up Swiss businesses to new use cases for blockchains such as registering real estate and digital art using distributed ledger technology, creating digital versions of private equity shares, etc.