The Swiss Blockchain Federation is pleased about the Council of States’ unanimous vote on the Blockchain legislation. This gives Switzerland one of the most innovation-friendly blockchain regulations in the world. Besides, the Swiss Blockchain Federation will start on this innovation in 2021.
The Council of States today approved the Blockchain legislation without opposing votes. With this clear and positive decision – the National Council had previously approved it in June – it is now clear that Switzerland will have one of the most innovation-friendly legal bases for decentralized applications and business models. The changes to the law should come into force as early as next year.
“Today is a great day for Switzerland as a technology location. Following the National Council, the Council of States has also clearly approved the new, forward-looking blockchain legislation. As a result, next year Switzerland will have a regulatory framework that is among the most advanced. The Crypto Valley, with its 900 companies and 4700 jobs, will receive legal security and, at the same time a scope for innovation and new business models.” – Heinz Tännler, President of the Swiss Blockchain Federation and Finance Director of the Canton of Zug.
The Swiss Blockchain Federation and its members have provided the authorities with their expertise in drafting the bill and have advocated internationally exemplary legislation. Many of the proposals were accepted and, following the National Council’s unanimous decision, have been confirmed by the Council of States.
Approval of twelve projects
Additionally, the Swiss agency for innovation promotion Innosuisse has approved the so-called Innobooster “Blockchain Nation Switzerland.” The Innosuisse support program runs for four years and involves scientists, large companies, start-ups, and investors from all over Switzerland. The aim is to turn ideas into concrete projects and companies that create new jobs in Switzerland.
Out of 64 applications submitted, Innosuisse has approved twelve projects to promote innovation. The application of the Swiss Blockchain Federation “Blockchain Nation Switzerland” is the only one focusing on Blockchain. The project pursues a novel approach by not only promoting the creation of ideas. The aim is also to directly generate young companies and concrete projects that create new jobs.
The Swiss Blockchain Federation has developed a convincing methodology for this. The SBF Innovation Cycle comprises the following four phases: Ideation, Hackathon, Incubation, and Corporate Innovation & Events. External partners are also systematically integrated. The novelty of the Swiss Blockchain Federation’s support program is that the best ideas are turned into a start-up company or concrete project after all phases have been completed. This, in turn, is based on blockchain technology and is taken over or further developed by a company.
“Thanks to our novel methodology, the SBF Innovation Cycle, numerous new ideas, projects, and start-ups will emerge over the next four years that will enrich the blockchain ecosystem in Switzerland and Crypto Valley.” – Mathias Ruch, Chairman of the Expert Council and Board Member of the Swiss Blockchain Federation.