Switzerland Votes to Integrate Cryptocurrencies into Traditional Financial Regulations

This week the Federal Assembly of Switzerland voted to put cryptocurrency on equal footing as traditional assets. 99 members of the National Council​ supported a motion to bring forward a proposal which would apply the existing legislation of administrative and judicial authorities to cryptocurrencies. Giovanni Merlini, a liberal public representative in the lower house of the Federal Assembly, voted against the measure and claimed that “a large part of the crypto is completely anonymous, which favored extortion and money laundering.” It is yet to be seen whether holding crypto-assets to the same regulatory obligations as traditional assets is a positive or negative for Switzerland’s crypto sector. In December Swiss finance minister Ueli Maurer suggested that Switzerland should adapt existing rules to fit the needs of the industry instead of drawing up a new regulatory framework.

Info source: bitcoinist.com
More to read: https://bitcoinist.com/switzerland-cryptocurrency-traditional-regulations/
image source: pixabay.com

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