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12 January 2021
On 25 September 2020 Parliament passed a law to incorporate crypto assets and digital ledger technologies (DLT) into Swiss law (the DLT Bill), making the Swiss crypto regulatory framework one of the most advanced in the world.
The Federal Council has scheduled the following main changes to enter into force on 1 February 2021:
The following main changes are expected to enter into force on 1 August 2021:
To implement these changes fully, the Federal Department of Finance has proposed corresponding amendments to several ordinances in a draft framework ordinance (the Draft DLT Ordinance).
Separately from the DLT Bill, as of 1 January 2021 FINMA has lowered the threshold for AML duties relating to virtual currency transactions from Sfr5,000 to Sfr1,000, provided that such transactions do not qualify as money remittance (so-called 'three party transactions'), which is subject to even lower thresholds.
Once the DLT Bill enters into force on 1 February 2021 and 1 August 2021, Switzerland's already high-quality regulatory framework for crypto will become one of the most advanced in the world. The government's explicit approach is to create the best possible framework conditions so that Switzerland can establish itself and evolve as a leading, innovative and sustainable location for fintech and DLT companies.
For further information on this topic please contact Alexander Vogel or Reto Luthiger at Meyerlustenberger Lachenal by telephone (+41 44 396 91 91) or email (firstname.lastname@example.org or email@example.com). The Meyerlustenberger Lachenal website can be accessed at www.mll-legal.com.
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