The Swiss government will introduce new regulations for the blockchain sector in less than a year’s time

The Swiss Federal Department of Finance has launched a consultation process for a general decree on the blockchain and distributed register technology sector.

The consultation will take place between cantons, parties and other interested groups in this area. It will continue for more than three months, ending on 2 February 2021.

This initiative is in the active interest of the Swiss government to promote blockchain and cryptocurrency. The consultation to create better regulations for the blockchain industry comes only one month after the government amended several existing financial and corporate laws to integrate provisions for blockchain technology and TLD.

According to an official announcement, the amendments to existing legislation have improved the regulatory framework for Switzerland. The country is now in a better position to promote blockchain and TLD innovation.

The General Decree will help the government to incorporate these amendments into laws at the level of the Federal Ordinance, and the Federal Council expects these regulations to enter into force as of August 2021.

Support for blockchain and crypto companies has prompted many companies around the world to establish their headquarters in the country. Today, Switzerland is home to more than 900 companies employing more than 4,700 people.

The adoption of blockchain and crypto currency by the Swiss government is such that Canton Zug, also known as „Crypto Valley,“ now allows its residents to pay taxes in Bitcoin (BTC) and Ether (ETH). Even the state bank Basler Kantonalbank, or BKB, is planning to launch crypto-currency services.