Answer ... Switzerland supports innovation and takes a liberal and business-orientated approach to regulatory policy for fintech products and services. Therefore, it is expected that Switzerland will remain a preferred domicile for fintech companies.

On 22 March 2019 the Federal Council submitted a draft bill proposing several legislative amendments to improve the framework conditions for blockchain and distributive ledger technology for consultation. The consultation process concluded in June 2019. The results have not yet been published.

According to the Federal Council’s timetable, the Financial Services Act and the Financial Institutions Act are to enter into force on 1 January 2020. The results of the consultation on the corresponding Federal Council ordinances are now available. It is expected that the Federal Council will release the definitive texts of the ordinances in October 2019. Only a few months remain until the new laws come into force. Even if generous transition periods are granted in some cases, financial service providers should adapt to the new circumstances in good time and take the necessary measures to ensure compliance. Fintech companies should closely monitor whether these new regulations will impact on their business.