Starting 2021 Switzerland will implement a regulatory framework for cryptocurrencies and blockchain. On September 10th, financial and corporate law reforms were supported by Senate parliamentarians, Swiss Info reports.

The new regulations define the principles for exchanging digital securities, the asset recovery procedure, and the requirements for launching cryptocurrency exchanges. Earlier, the so-called “Blockchain Act” was approved in the House of Representatives.

“As of next year, Switzerland will have a regulatory framework that is among the most advanced in the world,” said Heinz Tännler, President of the Swiss Blockchain Federation.

Earlier, the Swiss government refused to create a separate legal framework for regulating the blockchain and crypto industries. The authorities decided to amend certain laws, ranging from company bankruptcies to securities trading.

From February 2021, the authorities of the Swiss canton of Zug will begin to accept taxes in BTC and ETH. Both companies and individuals will be able to carry out calculations in cryptocurrency.