DTL Act enters into force on August 1. It is the legal introduction to our future
On June 18, 2021, the Federal Council held a meeting. The Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology enters into force on August 1, 2021. It brings as a consequence not only the allowance for innovative DLT trading facilities but also the increment of legal conviction in the event of bankruptcy.
The distributed ledger technology (DLT) blanket act, jointly adapts ten existing federal laws. The general ordinance adopted so far summarizes the necessary adjustments to ten ordinances. The legislation’s aim is to improve conditions for blockchain and DLT companies in Switzerland, confirming that Switzerland is an international pioneer country in the modern regulation of innovative financial market technologies.
One of the key changes that will enter into force on August 1, 2021, is a license for DLT's trading facilities, this refers to the financial market infrastructures for DLT securities to be in the possibility of admitting other companies and people to negotiation in addition to financial intermediaries. Deriving the increase in legal security in bankruptcy law by openly regulating the segregation of assets based on cryptography in the event of bankruptcy. It is an advance that for many is historic.
The amendments adopted to the Swiss Code of Obligations already entered into force on February 1, 2021. Allowing the introduction of non-certified securities in a blockchain. Switzerland is truly being an example to follow in matters of legal regulations and AI
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