Switzerland
Answer ... In September 2020, the Swiss Parliament passed the distributed ledger technology (DLT) blanket act, which has selectively adapted 10 existing federal laws. In addition, the act summarises the necessary adjustments to 10 ordinances. The legislation has improved the conditions for blockchain and DLT companies in Switzerland, thereby making the country an international pioneer in the modern regulation of innovative financial market technologies.
One of the key changes introduced by the act entered into force on 1 August 2021: a licence for DLT trading facilities - that is, financial market infrastructure for DLT securities that can admit other companies and persons to trading in addition to financial intermediaries. Legal certainty will be increased in insolvency law by explicitly regulating the segregation of crypto-based assets in the event of bankruptcy.
The adopted amendments to the Swiss Code of Obligations, among others, came into force on 1 Feburary 2021. They allow for the tokenisation of financial instruments and other rights in the form of ledger-based securities.