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瑞士议会通过了一项法律,更新现有的企业和金融法规,为区块链和分布式账本技术(DLT) ...

2020-9-11 14:02

 

据SwissInfo报道,2020年9月10日,瑞士议会通过了一项法律,更新现有的企业和金融法规,为区块链和分布式账本技术(DLT)让路。这项法律将于明年年初生效。“区块链法案”旨在欢迎分散的技术,同时保持瑞士作为商业和金融中心的诚信和声誉。


我们联系了SIX stock exchange,因为它的Digital exchange (SDX)预计将在第四季度推出。下面增加了来自SIX的声明。

区块链法


瑞士与其邻国列支敦士登不同,列支敦士登专门为区块链制定了新的法律,但考虑到其监管灵活性,瑞士认为没有必要这样做,因此只修改了现有法律。瑞士联邦委员会特别指出,由于区块链和DLT仍在发展中,从根本上调整其法律框架可能会产生不可预见的后果。然而,根据我们以下探讨的其2018年报告的结论,修正是必要的。


这些建议旨在增加法律确定性,并消除技术的潜在障碍。支付代币或加密货币与安全代币之间的区别,与传统证券具有相同的法律地位。在证券法方面,主要的变化是支持存在防篡改电子登记,尽管细节将由合同决定。破产法也将进行修订,为加密资产腾出空间,破产法也将进行修订,特别是对破产的托管人。金融市场监管将进行调整,为DLT交易系统创建一个新的许可证类别,提供更灵活的授权。


有趣的是,区块链法案并没有涉及中央银行数字货币(CBDCs)或公共使用电子法郎的可能性。瑞士央行将在未来自由决定“注册价值”的问题,CBDCs将在单独的文件中进一步探讨。税收方面也没有考虑在内。

2018年12月的报告


经过2018年12月的磋商,瑞士参议院在今年夏天顺利通过了《区块链法案》。关于区块链和DLT在瑞士金融业的法律框架的咨询报告总结说,虽然现有的框架足够灵活,以适应区块链和DLT的机会,它确实需要一些调整。


作为一项一般性原则,其目标是确保有利于创新和平衡的框架,使它们能够在必要时作出快速调整,特别是在区块链和DLT方面存在差距时。需要采取技术中立的立法方式,并在必要时允许例外。报告明智地建议委员会听取市场和社会对该技术的需求,此举受到瑞士区块链行业的热烈欢迎。


联邦委员会信守承诺,为该法案采纳了几位学术、商业和法律专家的建议,例如瑞士电信技术银行业务主管沃克马•贝克(Volkmar Beck)和SIX Digital Exchange首席数字官斯文•罗斯(Sven Roth)。


到明年,瑞士将拥有全球最先进的监管框架之一。——Heinz Tannler,瑞士区块链联合会主席。

六个数字交换


与此同时,六数字交易所(SDX)计划在2020年第四季度推出。他们解释说,这一法律变化不会影响其时间。一名发言人发表了以下声明:


我们非常欢迎联邦委员会向议会提出了一种务实的方法,对现有法律进行选择性调整,并废除了专门的DLT/区块链法律。


瑞士将因此获得速度和灵活性。此外,所选择的方法更适合尽可能保持技术中立性。与此同时,该提议在可靠的框架条件下为代币经济创造了法律确定性。


原则上,基于现有的法律框架,现在已经可以进行数字资产的交易(即通过防止操纵的电子登记册进行权利交易)。因此,SDX已向金融市场监管局提交申请,申请获得作为中央存管机构和股票交易所的许可。有了这些许可证,SDX将能够上市、要约交易、持有和结算数字资产。


由于SDX的牌照申请是根据现行法例提出的,新的DLT法例不会影响发牌程序,亦不会对SDX日后的运作活动产生直接影响。


然而,此次修订将总体上完善现有的数字资产交易法律框架,澄清某些不确定性,特别是在民事和破产法方面。

 

这将增加法律的确定性,增强整个瑞士金融中心对DLT/区块链的吸引力,并确保投资者的保护。应确保新获发牌照的DLT交易系统也须遵守与现有金融市场基础设施相同的规则。


所以你看,没有预见的延迟因为这个法律。我们仍在轨道上,并将继续这样做。

 

On 10 September 2020, the Swiss parliament passed a law to update existing corporate and financial regulations to make way for blockchain and distributed ledger technology (DLT), reported SwissInfo. The law comes into effect early next year. The ‘Blockchain Act’ aims to welcome decentralized technologies while maintaining Switzerland’s integrity and reputation as a business and financial hub. 

We contacted the SIX stock exchange because its Digital Exchange (SDX) is expected to launch in Q4. A statement from SIX has been added below.

The Blockchain Act

Unlike its neighbor Liechtenstein which created exclusively new laws for blockchain, Switzerland did not see the need to do so given its regulatory flexibility, therefore only amending its existing laws. The Swiss Federal Council specifically pointed out that because blockchain and DLT is still developing, fundamentally adapting its legal framework could have unforeseen consequences. Nevertheless, in line with the conclusion of its 2018 report that we explore below, amendments are necessary. 

The recommendations aim to increase legal certainty and remove potential hurdles for the technologies. A distinction is made between payment tokens or cryptocurrencies and security tokens, which have the same legal position as traditional securities. With respect to securities law, the main change is to support the existence of tamperproof electronic registries, although details will be left up to contract. Bankruptcy laws will also be amended to make room for crypto assets as will insolvency laws, particularly for custodians that go out of business. Financial market regulations will be adjusted to create a new license category for DLT trading systems, providing more flexible authorization. 

Interestingly, the Blockchain Act does not address central bank digital currencies (CBDCs) or the possibility of e-Francs for public use. The Swiss central bank will be free to decide on the matter of ‘registered values’ in the future, and CBDCs will be further explored in a separate document. Tax aspects are also not taken into account.

December 2018 Report

The Blockchain Act passed through the Swiss Senate unopposed this summer, after a consultation in December 2018. The consultation’s report on the legal framework for blockchain and DLT in the Swiss financial sector concluded that while its existing framework is flexible enough to accommodate blockchain and DLT opportunities, it does need some adjustments. 

As a general principle, the aim was to ensure innovation-friendly and balanced frameworks, which would allow them to make quick adjustments where necessary, especially if there were gaps regarding blockchain and DLT. There would need to be a technology-neutral approach to the legislation, with an ability to make exceptions where necessary. Wisely, the report recommended the Council to listen to market and societal demand on the technologies, a move warmly welcomed by the Swiss blockchain industry.

True to its word, for the Act, the Federal Council took recommendations from several academic, commercial and legal experts, for example, Swisscom’s Head of Technology Banking, Volkmar Beck, and SIX Digital Exchange Chief Digital Officer Sven Roth. 

As of next year, Switzerland will have a regulatory framework that is among the most advanced in the world.’ – Heinz Tannler, President of Swiss Blockchain Federation.

SIX Digital Exchange

Meanwhile, the SIX Digital Exchange (SDX) had planned to launch in Q4 2020. They explained that this legal change does not impact its timing. A spokesperson issued the following statement:

We very much welcome the fact that the Federal Council has presented a pragmatic approach to parliament with selective adjustments to existing laws and that a dedicated DLT/Blockchain law is to be dispensed with.

Switzerland will thus gain speed and flexibility. In addition, the chosen approach is better suited to maintain technology neutrality as far as possible. At the same time, the proposal creates legal certainty for the token economy in terms of reliable framework conditions.

In principle, trading in digital assets (i.e. trading in rights by means of manipulation-resistant electronic registers) is already possible now, based on the existing legal framework. Accordingly, SDX has submitted applications to FINMA for a license to act as a central depository and as a stock exchange. With these licenses, SDX will be able to list, offer for trading, hold and settle digital assets.

Since the SDX’s license applications are based on existing law, the new DLT legislation does not affect the licensing process and will not have a direct impact on the future operational activities of the SDX.

However, the revision will generally improve the existing legal framework for trading digital assets and clarify certain uncertainties, particularly in civil and bankruptcy law.

This will increase legal certainty, enhance the attractiveness of the entire Swiss financial center regarding DLT/Blockchain and ensure investor protection. It should be ensured that the DLT trading systems to be newly licensed are also subject to the same rules as the existing financial market infrastructures.

So you see, there is no foreseeable delay because of this law. We are still on track and keep doing so.

 

来自: Ledger Insights