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Blockchain Summit Zug 2018 - Task Force Recommendations

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Blockchain Taskforce recommendations presented at Blockchain Summit in Zug 2018

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Blockchain Summit Zug 2018 - Task Force Recommendations

  1. 1. Introduction to the Blockchain Taskforce Heinz Tännler
  2. 2. The two initiators Mathias Ruch, Lorenz Furrer
  3. 3. Working Group: ICO Token (1) Recommendation 1: Transferring tokens without changes to the law Based on various legal doctrines, it can be argued that existing law allows the purely digital transfer of tokens. In order to do so, they have to be designed as electronic securities and kept on a decentralized trade repository. Recommendation 2: Transferring tokens with changes to the law In order to avoid legal uncertainty, a change to the law would be required. This can be linked in particular to three points in the Code of Obligations (CO): - Art. 165 CO: assignment of claims no longer requires written form - Art. 973d CO: transfer of uncertificated securities kept on a decentralized trade repository requires no written form - Art. 973c CO: transfer of uncertificated securities in general, requires no written form Transfer of Tokens
  4. 4. Working Group: ICO Token (2) Recommendation 3: No adjustment of money laundering regulations Based on the current interpretation of Swiss MLA Regulations, the obligations imposed on the financial intermediaries concerned are justifiable. A change to the law does not seem to be necessary. Recommendation 4: Best practice for transaction monitoring The token issuer is not involved in transactions between subsequent token owners. In the absence of financial intermediation, the these transactions are not monitored. In order to increase confidence in the blockchain technology with regard to the authorities and other participants of the financial market, the creation of "best practice" rules for transaction monitoring after the first issue of the tokens should be examined. MLA Regulation
  5. 5. Working Group: ICO Token (3) Recommendation 5: Creation of a regulatory token map The qualification of tokens as securities or deposits depends to a large extent on the stage in which the ICO finds itself (pre-financing, vouchers, pre-functional, functional token). This aspect of time is to be taken into account in the planned token map. The map is intended to show at what stage and under what conditions it can typically be assumed that tokens are securities according to the Financial Markets Infrastructure Act (FinfraG) or deposits according to the Banking Act (BankG). Recommendation 6: Regulatory construction of a blockchain sandbox Current supervisory law is geared towards the regulation of centralized and established structures. This can have a restraining effect on the innovative power of the blockchain. If blockchain projects meet certain requirements, they should therefore be granted relief in the form of a regulatory carve-out in a sandbox. In particular, the tokens within the scope of this carve-out would, in principle, not fall under the provisions of FinfraG, BEHG and BankG. Tokens under FinfraG and BankG
  6. 6. Subgroup: Token Map (1) Common and Structured Language is needed to: • Communicate and capture original intent of a token • Capture all the critical design parameters • Understand Regulatory, Tax and other legal consequences • Evaluate risks • Study and catalog emerging business models Challenges: • No existing standards • Multiple stakeholders with disparate needs and views • The space is quickly evolving
  7. 7. Subgroup: Token Map (2)
  8. 8. Working Group: Banking (1) Initial Position  The “Swiss Cake” in traditional banking is challenged.  Blockchain-enabled models offer huge potentials for retail and investment banking, wealth and asset management, and the financial market infrastructure. Recommendations  Enable bank account opening for blockchain firms.  Introduce KYC standards and educate employees.  Initiate blockchain pilot project in regulated environment to gain ground.
  9. 9. Working Group: Banking (2) Existing revenues from traditional banking New revenues and reduced costs due to digitization New revenues due to new blockchain-enabled models
  10. 10. Working Group – Other Fields of Applications Initial Position Blockchain/ DLT will have a deep impact across all major Swiss industries and sectors. Its relevance and concrete measures need to be analyzed and discussed early on to make sure we maintain a leading position worldwide Recommendations (preliminary)  Leading Swiss companies (large & SMEs) to spearhead initiatives on Blockchain. Specific role of regulator/ government to be assess further (by sector/industry)  Education concept (dual system from apprenticeship to Lehrplan 21 and university education) needs to be assessed: are the required knowledge and skills for Blockchain embedded in the curriculum? How can we further support and accelerate?
  11. 11. Backdrop: Blockchain market will grow exponentially, ca. 85-90% of global potential will be across non-FS industries Sources: Gartner, Forecast: Blockchain Business Value, Worldwide, 2017-2030, 2 March 2017, PwC Strategy& analysis
  12. 12. Working Group: Politics Heinz Tännler