The Swiss law draft on crypto sees Cardano as a promising distributed ledger technology thanks to its blockchains solutions. In today’s Cardano news, we are taking a closer look at the law draft.
The aim of the Swiss law draft is to adapt the law to modern developments in the technology by securing the country’s leading position in the blockchain industry. Switzerland is the pioneer and blockchain hub in Europe and has been able to attract renowned figures in the industry such as the ETH Foundation. In the opinion of the Swiss Confederation, there’s a lot of loopholes that have to be closed in order to consolidate and to expand the leading role in the blockchain ledger sector.
If anyone wants a link https://t.co/0QJ7CtGPlm
— Charles Hoskinson (@IOHK_Charles) September 8, 2020
The consortium submitted a draft already to the Federal Council in March last year in order to adapt federal law to developments in the technology of the DLT electronic registers. The initial proposal was well received so that the laws were able to be adapted on this basis. The federal council wants to improve the conditions so that Switzerland can exploit the many opportunities offered by the digitization process. The Swiss legislator doesn’t intend on introducing a new law but wants to create a structured bill so it can make the targeted adjustments in the following areas:
- Civil Law
- Insolvency law to clarify segregation in the bankruptcy of crypto assets
- Financial market law
- Banking law
In addition to the publicly available DLT systems, the proposal lists permitted DLT systems which can be used as a possible option, such as Corda and HyperLedger Fabric. The register has to be able to provide information about the securitized right while the exact content of the right has to be clearly visible and traded without obstacles.
It's nice when Swiss law references your blockchain @Algorand they also sent some love your way as well pic.twitter.com/weq0uDcCW5
— Charles Hoskinson (@IOHK_Charles) September 8, 2020
As Charles Hoskinson announced, Cardano plans to develop new code with Gerolamo and to enter into direct competition with IBM who dominates the market with Fabric. Cardano and Atala are interoperable so Hoskinson said that many companies will switch to Cardano’s infrastructure in the near future. Cardano already entered the partnership with Georgia which will bring 50,000 new users per year with the potential to grow to several million.
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