Switzerland fintech regulation
Bern, 01.02.2017 – During its meeting on 1 February 2017, the Federal Council initiated the consultation on amendments to the Banking Act and Banking Ordinance in the fintech area. The revision should ensure that barriers to market entry for fintech firms are reduced and that the competitiveness of the Swiss financial centre is enhanced. The consultation will last until 8 May 2017.
The proposed amendments to the Banking Act (BankA) and Banking Ordinance (BankO) aim to regulate fintech and other firms which provide services outside normal banking business according to their risk potential. A form of deregulation with three supplementary elements is being proposed:
A dynamic fintech system can contribute significantly to the quality of Switzerland’s financial centre and boost its competitiveness. Against this backdrop, the Federal Council called for an easing of the regulatory framework for providers of innovative financial technologies on 2 November 2016. This easing should reduce barriers to market entry for providers in the fintech area and increase legal certainty for the sector overall.
Due to the rapidly progressing digitisation in the financial sector, in particular in the blockchain area, it can be assumed that business models will develop which are not yet conceivable today. The Federal Council will follow these developments closely also in the future and will swiftly propose the necessary regulatory adjustments if required.
Address for enquiries
Beat Werder, Head of Communications, State Secretariat for International Financial Matters SIF
Tel. 058 469 79 47, firstname.lastname@example.org
The Federal Council
Federal Department of Finance
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