The government of Switzerland has announced that it is looking forward to accommodating the blockchain sector within its existing financial laws.

Switzerland’s Federal Council has issued a legal framework for blockchain, the distributed ledger technology, which states that the country’s existing rules can be collaborated with such new technologies, by making few amendments.

Firstly, the council has suggested an enhancement of the country’s securities law to incorporate the legal certainty of cryptocurrencies. Next, the council wants to isolate the insolvent debtors’ crypto assets from their total estate in case of bankruptcy proceedings.

Moreover, the Federal Council also wants to create a new ‘authorization category’ for infrastructure providers in the blockchain sector. To achieve the goal, the body will amend its Financial Market Infrastructure Act accordingly. However, there has been no proposal to amend the central definitions of ‘securities’ and ‘derivatives’. According to the government, the country’s Anti-Money Laundering Act is currently apt to cover cryptocurrencies and ICOs related activities as well.