Switzerland’s minister of finance, Ueli Maurer, has rejected plans to create a blockchain law for country and will rely instead on adapting existing laws, warning that Switzerland is facing fierce competition.

Adapting existing laws

Mr Maurer said Switzerland plans to tweak existing laws to allow for the new technology and its financial applications, instead of creating a specific blockchain or crypto legal framework. He explained the government is expecting to propose changes to six laws, including the civil code and bankruptcy law, next year.

Fierce competition

Switzerland is facing stiff competition in fintech from various jurisdictions. Neighboring Liechtenstein recently published a draft for a new blockchain act based on transaction systems based on trustworthy technologies (VT), which is expected for adoption in 2019. Further afield, in the US house representatives recently proposed a bill, the ‘blockchain Promotional Act 2018,’ aimed at creating a working group to form a common definition of blockchain. Mr Maurer added, ‘London is already further advanced than we are, and centers like Singapore and Shanghai are fierce competitors.’