The Federal Assembly of Switzerland has voted in favor of putting cryptocurrency on equal footing as traditional assets.
A Hesitant Vote
99 members of the National Council, Switzerland’s lower house of the Federal Assembly, have supported a motion to put forward proposed regulations by liberal public representative Giovanni Merlini. 83 people voted against, while 10 refrained from voting at all.
The proposed regulations will now have to be considered by the Council of States, which is the Federal Assembly’s upper house. Switzerland’s Federal Assembly is the country’s legislative authority.
Per the proposed regulations, the existing legislation of both administrative and judicial authorities should be adapted and applied to cryptocurrencies as well.
While making his proposition, Merlini argued that:
Cryptocurrencies could be issued to anyone with a decentralized, cryptographic-based peer-to-peer data network. A large part of the cryptocurrencies is completely anonymous, which favored extortion and money…