Blockchains, Smart Contracts, Decentralised Autonomous Organisations and the Law
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Blockchains, Smart Contracts, Decentralised Autonomous Organisations and the Law

Edited by Daniel Kraus, Thierry Obrist and Olivier Hari

The growth of Blockchain technology presents a number of legal questions for lawyers, regulators and industry participants alike. Primarily, regulators must allow Blockchain technology to develop whilst also ensuring it is not being abused. This book addresses the challenges posed by various applications of Blockchain technology, such as cryptocurrencies, smart contracts and initial coin offerings, across different fields of law. Contributors explore whether the problems posed by Blockchain and its applications can be addressed within the present legal system or whether significant rethinking is required.
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Chapter 6: Aspects of Swiss financial regulation

Biba Homsy

Abstract

New technologies based on blockchain or DLTs such as cryptocurrencies, DAOs and decentralised applications changed and created a new deal in the regulatory framework. In this context, the question is not whether these technologies and the businesses they trigger impact financial regulation, but rather how they impact it and how regulators perceived them so far. Some may consider these technologies as a playground for start-ups only constrained into a Sandbox where regulators look out to them from the corner of their eyes. But most of the regulators have been forced to recognise that a specific evolution is here standing. From Switzerland to European institutions and international organisations, each major actor of the financial markets is now handling the same question, as to how to integrate the blockchain in the regulatory landscape. If blockchains really means decentralisation and distribution, how and where does regulators’ jurisdiction begins? Where is the tie-point of the regulation in that case? Did Switzerland develop the same approach? The author will first analyse the general considerations that one may take into account when approaching a regulation in this field, compared to what has been done in Switzerland, to finally make his own proposal as to how to handle the Swiss regulation by offering a 4-steps approach.

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