Swiss President Preach “Fast and Clear” Regulation for Blockchain Companies

Wilfred Michael 

Wilfred Michael

News reporter

29 March 2019,
10:04
Swiss President Preach “Fast and Clear” Regulation for Blockchain Companies

Barely a week after the Swiss Federal Council began a process to update its laws for blockchain technology, the country’s President, Ueli Maurer has backed it up with a call that the regulations should be fast and clear to encourage the growth of companies in the industry.

According to the local news source, Finews, President Ueli made those comments while speaking to the over 1000 people who gathered on Wednesday at the Crypto Valley Summit held in Zug, Switzerland.

While crypto and blockchain industry participants sang praises of the President’s efforts to make the country a favorable location for companies, he was undoubtedly moved to repledge his allegiance to do more for them.

First, he demanded that the Federal Council implement the new updates to existing blockchain regulations as possible and in a clear way. As we reported earlier, those adjustments will see the inclusion in existing federal laws, new clauses that favor the growth of the new industry.

Next, he noted that Swiss authorities will always be dedicated to finding ways to “stay two steps” ahead of other countries when it comes to providing the ideal regulatory environment needed to nurture blockchain technology.

Finally, President Ueli reportedly urged crypto and blockchain companies to help the government’s quest by challenging authorities with great ideas that could improve the industry. He pinpointedly said that the Swiss Government’s would open its doors to such recommendations and likely work towards implementing them where necessary.

Meanwhile, as Stmarket.co has remarked in recent times, many countries are gradually preparing for the mini-battle on which region will become the leading location for blockchain technology.

More recently, the National Development Council (NDC) Taiwan announced it was setting up an alliance to explore the potential applications of blockchain in its economy.

 

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