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Swiss Crypto Valley..........Releases a Legal Framework for ‘Blockchain Crypto Property’

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THE SWITZERLAND'S umbrella Cryptocurrency Association CVA has released a Crypto legal framework document which they believe could be of immense help to both the regulator trying to understand cryptocurrencies and fashion out regulatory standards to evaluate, mitigate and control risks associated with issuance of ICOs and investors looking to reduce their financial risk.

Fireinthebone gathered that the CVA, which consists of a number of Bitcoin and Blockchain’s best-known companies, said it was distributing the paper on behalf of Blockchain legal firm MME and “tokenized ecosystem” provider Blockhaus.  

The launch of the legal framework for tokenized assets, which seeks to broaden general understanding of the underlying nature of different kinds of cryptographic tokens would allow policymakers to construct thoughtful and enforceable legal and regulatory frameworks,” MME partner Dr. Luka Müller explained.

“Moreover, an agreed-upon framework could also provide investors and issuers with standard tools to evaluate, mitigate, and communicate risks in token design and launches.”

Last month, the CVA announced it was in the process of developing an ICO ‘code of conduct’ to ingratiate the technology and fundraising method with Swiss authorities and demonstrate more constructive ways of regulating it than bans or similar moves.

“Crypto Valley Association has called on regulators to devise clear, comprehensive, and flexible regulation on tokenized assets that protects investors but also supports innovation.”

The scope of the new framework is technically more in-depth and covers a range of involved subject matter.

Central to the document is the newly-coined “Blockchain Crypto Property” (BCP), which MME describes as “digital information that contains all elements of a property right that is registered on a blockchain or in an alternative digital ledger, which can be transferred via protocol, that may carry out additional functions governed by a Smart Control System, following coded or manual input.”

The issue of the legal and regulatory status of cryptocurrencies is currently the most pressing concern in the crypto community for now.


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