On 18 June 2021, The Federal Council brought the DTL Act into force and issued an ordinance. The entrance into force is August 1st, 2021

On 18 June 2021, The Federal Council brought the DTL Act into force and issued an ordinance. The entrance into force is August 1st, 2021

Wednesday, 4 August, 2021

Bern, 18 June 2021 The Federal Council ultimately approved the Federal Act on the Adaptation of Federal Law to Developments in Technology of Distributed Electronic Registers on August 1, 2021, during the convened meeting on June 18, 2021. On the same day, the matching shell ordinance will enter into force. This allows for new DLT trading platforms to emerge and to increase legal protection in the case of bankruptcy.

 

The Distributed Ledger Technology (DLT) blanket Act, which carefully modifies ten existing federal laws, was approved by Parliament in September 2020. The amendments, which have now been approved, summarize the required changes to 10 ordinances. The template enhances the circumstances for blockchain and distributed ledger technology (DLT) businesses in Switzerland. As a result, Switzerland is regarded as one of the world's leading innovators in the regulation of financial market technology.

 

A license for DLT trading systems is one of the key improvements, which will enter into force on August 1, 2021. It is a financial market infrastructure for DLT securities that allows other businesses and individuals to trade in addition to financial intermediaries. Legal clarity is enhanced in insolvency legislation by explicitly regulating the segregation of crypto-based assets in the case of bankruptcy.

 

Changes to the Code of Obligations, among other things, took effect on February 1, 2021. This made it possible to implement book-entry rights on a blockchain. These regulations did not need any changes at the ordinance level.

 

Sources:

  1. https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-84035.html
  2. https://www.admin.ch/gov/en/start/documentation/media-releases/media-releases-federal-council.msg-id-84035.html
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