In a bid to boost the activities of the crypto space in the country, Switzerland has announced that it has made changes to its digital assets and blockchain law.
In the report that was shared by a media outlet in Switzerland, the new amendment covers varieties of aspects in the crypto space. The new legislation covers the company bankruptcy procedure as well as security trading.
The new legislation is expected to take effect in 2021 and will seek to eliminate all the legal obstacles that startups face in the country. The new legislation is expected to contribute to the growth of industries across the country.
New blockchain regulation amendment to encourage more startups
The valley of Zug is known as one of the areas that house most blockchain and crypto companies operating in Switzerland. Presently, the Zug valley boasts of nothing less than 900 crypto and blockchain companies. This new legislation will encourage more startups which will help boost the economy and create jobs for citizens in the country.
The industries in the region employ nothing less than 4,700 citizens, and if the number of startups increases, more citizens are going to get employment. Blockchain and crypto startups are presently trying to upset the banking, real estate and other fields of investments in the country.
Major banks in Switzerland have been signaling their interest in blockchain technology. Back in August 2020, various news outlets reported that Basler Kantonalbank, a state-owned financial institution announced that it would launch Bitcoin custody services at the beginning of 2021. The bank has noted that the project is still at its development phase.
Other private banks in the region including Maerki Baumann and Arab Bank Switzerland has also announced the launch of various crypto services to wealthy clients in the region. However, most of the banks provide intermediary services to their customers. UBS and Credit Suisse banks are presently working on making use of blockchain to increase the speed of their trading deals.
The Swiss government wants the crypto sector to thrive
The government of Switzerland has been working tirelessly to create the right conditions to increase the growth of the sector in the country. Asides that, the government is also educating citizens on the potentials of crypto and blockchain and creating awareness about innovations with blockchain inclusive.
To make the process easy, the Swiss government has registered the Swiss Bitcoin Association as a non-profit organization. This was done in a bid to increase research opportunities and open the door to organizing educational events.
The government has beckoned on institutions to organize educational events for crypto entrepreneurs and users alike. In its statement, the government said that education and awareness would help decrease cautiousness that users of digital assets feel about the technologies.
Despite Switzerland being one of the smallest countries across the globe, it possesses the potentials to become one of the wealthiest European countries. With the new regulation focused on building startups, companies from around the world will be able to make use of these regulations to venture into the country. This will ensure investment and financial flow into the Swiss economy.
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