Switzerland to regulate digital currencies

Switzerland’s Federal Department of Finance would introduce the legislation in 2017.

Switzerland.- The European country recently introduced its plan to regulate digital currencies and fintech. Swiss lawmakers are hoping to introduce the legislation in the first few months of 2017.

The legislation would name the Financial Market Supervisory Authority as the primary regulator of finch companies in the country, and the FDF confirmed that they would investigate deeper into the bitcoin market and other digital currencies and other applications for blockchain.

The FDF said in a statement that the new regulation sets out in concrete terms one of the strategic thrusts of the financial market policy recently adopted by the Federal Council, which has instructed the FDF to draw up a consultation draft with the required legislative amendments by the start of 2017.

Earlier this year the European country announced that they would start processing Bitcoin payments and July until the end of 2016, and if the measurement was succesful, they would decide if they can expand the digital currency to more governments services.