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Switzerland inches closer to cryptocurrency regulation

cryptocurrency switzerland

Switzerland is getting closer to regulating cryptocurrencies.

The Swiss Federal Assembly, the body tasked with handling government legislation in the country, yesterday approved a motion requesting the Federal Council regulate cryptocurrencies.

A loosely translated version of the press release said the Federal Council would now be responsible for “adapting the provisions on judicial and administrative procedural instruments so that they can also be applied to cryptocurrencies.”

Additionally, the statement highlighted that cryptocurrencies‘ pseudo-anonymous nature favored extortion and money laundering.

“It should be clarified how the risks could be contained and whether the persons responsible for the cryptocurrency trading platforms should be equated with the financial intermediaries and subject to financial market supervision,” the statement continues.

Switzerland has long adopted a progressive stance with regards to cryptocurrencies and has even attempted to facilitate the relationships between blockchain and cryptocurrency companies based in the country and banks.

The country is also home to “Crypto Valley,” a cluster of businesses in foundations based in Zug, a small town near Zurich, which has attracted considerable attention in recent years.

The news comes just days after Digitec Galaxus – one of the largest online retailers in the country – announced it would accept Bitcoin payments.

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Published March 21, 2019 — 15:54 UTC