Third Roundtable on Current Developments in Fintech Area

efdBern, 15.10.2018 – On 15 October 2018, Federal Councillor Ueli Maurer invited representatives of the financial sector and academia to a third fintech roundtable. The roundtable highlighted once again that the exchange between authorities, the fintech sector and the financial sector is still of great importance. The Confederation’s blockchain/ICO working group consulted the sector and will report to the Federal Council by the end of 2018.

After the legislative amendment introducing the new fintech authorisation was passed by Parliament in June 2018, Federal Councillor Ueli Maurer, Head of the Federal Department of Finance (FDF), invited representatives of the various fintech associations, academia and the banking and insurance sectors to another roundtable.

At the event, an intensive exchange took place on technological developments and on any additional need for action for regulatory adjustments. Federal Councillor Ueli Maurer stressed the importance of innovation in areas such as blockchain for maintaining Switzerland’s competitiveness and the significance of continuous dialogue between the fintech sector, the financial industry and the authorities. The participants agreed that fintech regulation must be technology-neutral, contribute to greater legal certainty and allow for innovation.

As regards the legal basis for distributed ledger technology and blockchain with a focus on the financial sector, the blockchain/ICO working group set up by the FDF together with the Federal Office of Justice and FINMA will report to the Federal Council by the end of 2018 and identify options for action. The preliminary consultation of the sector has made a valuable contribution here. The Federal Council will decide on the adaptation of the legal framework based on the working group’s report.