Swiss FDF launches consultation on blanket ordinance in blockchain area
Switzerland’s Federal Department of Finance (FDF) today initiated a consultation on a blanket ordinance in the area of blockchain. It will run until February 2, 2021.
In November 2019, the Federal Council adopted the dispatch on the adaptation of federal law to developments in distributed ledger technology. The proposal is aimed at increasing legal certainty, removing barriers for applications based on distributed ledger technology (DLT) and reducing the risk of abuse.
The Parliament unanimously approved the proposal on September 25, 2020. This has further improved the framework conditions for Switzerland to become a leading, innovative and sustainable location for blockchain and DLT companies.
The blanket ordinance is set to incorporate the legislative amendments voted by Parliament into law at federal ordinance level.
It is expected that the Federal Council will bring the amendments to the acts and ordinances into force on August 1, 2021. However, it is planned that the amendments to the Financial Services Act and the Financial Institutions Act that were adopted by Parliament as part of the DLT bill will enter into force earlier. These amendments limit the ombudsman affiliation requirement for specific financial service providers.