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So how did Switzerland establish a global hub for digital currencies and where is it heading?

Switzerland is THE Blockchain Nation and the Government is ready to support the developments with the relevant framework conditions. We are ready for the pace and the exchange with the private sector,” according to President of the Swiss Confederation Ueli Maurer.

Switzerland has been ranked the most innovative country in the world for seven years in a rowand the Swiss Federal Council—our executive branch—intends to have Switzerland remain a leading country in technology, innovation, and research and development in every field, including  digitalization. Digitalization is a key driver of innovation, ongoing structural change, and the competitiveness of the Swiss national economy in the long term. Therefore in December 2018, the Federal Council adopted a report on the legal framework for blockchain in the financial sector.The report provided an extensive analysis of the current legal framework and clarified the need for action. Subsequently the Federal Council initiated a public consultation on adapting federal law to developments in blockchain technology. In that way, it wants to increase legal certainty, remove hurdles for blockchain-based applications and limit risks of misuse. The aim is to continue offering the best conditions for further solidifying Switzerland’s position as a leading, innovating and sustainable location for fintech and blockchain companies with a good reputation.

International cooperation is indispensable ]in this new area of technology, especially in relation to combating criminal activities such as money laundering and terrorist financing, which can occur in connection with crypto assets. Switzerland advocates for international coordination and discussion to clarify open questions and for stability risk monitoring in the context of crypto assets.

Due to the pro-business philosophy and the openness of its government, Switzerland has attracted many of the world’s leading companies. We will now take a closer look at a canton that plays a pioneering role in making Switzerland one of the fastest-growing tech communities in Europe.

Compliments of the Consulate General of Switzerland in New York, a member of the EACCNY