The New Swiss Blockchain DLT Laws have been approved by the Swiss Parliament on 25 September 2020. Finalised last week, laws are expected to come into effect in early 2021:
What is important to know?
- A specific category of tokenised rights named “Uncertificated Register Securities” regarding security token issuers;
- A specific new licence category for DLT trading facilities (aka. crypto exchanges);
- A clear framework for crypto-based asset custody provider
- Small crypto exchanges may have facilitations;
- Fully decentralised platforms will not benefit from the new DLT Trading Facilities license;
- Crypto exchanges only for discretionary multilateral and bilateral trading of tokens with securities quality do not necessarily require this license;
- Payment tokens issuers and decentralised trading platforms will be subject to Swiss AML law
- The Bankruptcy Law related to crypto-based assets creates a legal framework for segregating digital assets from third-party custodians in case of bankruptcy proceedings against them.
- The DLT law will also amend the Swiss Financial Services Act, Swiss Anti Money Laundering Law, Banking Law/FinTech License, Organised Trading Facilities and the Swiss Stock Corporation Law.
To dive into details: