2019 is a promising year for crypto currency in terms of its legal recognition at the governmental level.
Switzerland has become one of the leading crypto
currency hubs and a leader in the field of legal regulation of crypto
currencies and blockchain industry. In January 2017 in Zug, with the
support of local authorities, the Crypto Valley Association was
established for those people who use cryptography and blockchain
technologies. In December 2018, the Swiss government published legal
norms for regulation of the blockchain industry and required amendments
to the existing financial legislation. Today, one fifth of the digital
assets market belongs to 50 largest representatives of crypto business
registered in Switzerland and Liechtenstein.
Italy is another active participant in the process of legal
recognition of digital technologies. On January 29, 2019, the Italian
Senate Committee on Constitutional Cases and Public Works approved the
text of the Simplification Decree Decreto Semplificazioni. It is the
first attempt to regulate the blockchain industry by the Italian
government. Parliament members have to adopt the relevant law by
February 12, 2019. This document will rescind the previously introduced
taxes on digital services. From 2020, the Extraordinary Commissioner’s
functions relating to the realization of digital agenda will be assigned
to the Prime Minister of Italy or their representative who can involve
experts in the field of high technologies. The Decree also defines basic
terminology, which ensures the review of legal documents during the
registration process: “Distributed Ledger Technology” (DLT), “Smart
Contract” and “Digital Record”.
Legalization of high technologies at the governmental level shows a
gradual transition of the global financial market to the digital
business model. Following European leaders, Ukraine also started
actively taking part in developing the legal status of digital
currencies and establishing rules for regulating the financial and
technological industries.
Simcord company successfully cooperates with the National Academy of Legal Sciences of Ukraine on the issues relating to legal harmonization and obtainment of a scientific and legal expert opinion “Legal Basis of the Bitbon System”. It was to be published at the end of 2018, but the publication was postponed until the first quarter of 2019 in order to ensure its relevance and consistency with legal frameworks of other countries.
In addition, in order to clarify concepts and distinguish meanings as
well as to consistently interpret already existing terms, such as
crypto currency, token and digital asset, Simcord is developing a
definition of digital asset as part of the above-mentioned cooperation
with the National Academy of Legal Sciences of Ukraine. The Company’s
plans include providing the global community with a unified test, which
allows assessing the conformity of any crypto instrument with the
properties of digital assets.
Harmonization of concepts and legal regulation of the crypto industry
confirm the attractiveness of digital infrastructure and the need to
establish favorable legal environment for its development in the
European and global financial ecosystems.
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