Digital finance: 12 business areas decided in Switzerland

Digital finance: 12 business areas decided in Switzerland

The report of the Federal Council highlights the opportunities and risks of the new technologies and defines the framework for concrete interventions

Cryptocurrencies and digital finance have found an efficient home in Switzerland
Cryptocurrencies and digital finance have found an efficient home in Switzerland

Il Federal Council of the Swiss Confederation sees in the digitization of the financial market a great potential for Switzerland as a business location.
In the session of 2 February 2022, Swiss government it adopted the report on digital finance, which highlights the opportunities and risks and defines the areas that require concrete action.
The use of new technologies generates new products and opens the doors of the financial market to new players.
In this way the processes become potentially more efficient, transparent and convenient and are more customer oriented.
For example, the Crypto valley of the Canton of Zug, chest of the Old Continent, not only keeps up with the times, but looks resolutely to the imminent future, e it needs modern, clear and unobtrusive rules.

Digital finance in Switzerland: business sectors 2022+ (the report)
Digital finance in Switzerland: business sectors 2022+ (summary)

In the report "Digital finance business sectors 2022+", the Federal Council of Switzerland defines 12 business sectors and the corresponding measures
In the report "Digital finance business sectors 2022+", the Federal Council of Switzerland defines 12 business sectors and the corresponding measures

Maximum attention to the dangers of the "digital transformation"

However, digitization also brings new risks.
In Switzerland the use of new digital technologies is essentially the prerogative of the private economy.
The transformation process underway, with the opportunities and risks it entails for the Swiss business location, needs a more active role on the part of the Confederation.
Lo Stateor must improve the regulatory framework for new business models, ensure stability, integrity and international competitiveness as well as promote the sustainability and networking of the financial centre.
In the report the Federal Council defines 12 sectors of activity and related measures.
Also, instruct the Federal Department of Finance (FDF) to implement these measures in 2022, in close coordination with politics, the authorities, the private economy and the scientific world.

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Use of data in the report "Digital finance business sectors 2022+"
Use of data in the report “Digital Finance Business Sectors 2022+”
New digital technologies in the report "Digital finance business sectors 2022+"
New digital technologies in the report “Digital finance business sectors 2022+”

The cantonal and federal authorities have three tasks before them

In the intent of Federal Palaceauthorities must therefore:

1) create an optimal regulatory framework;

2) to act as active interlocutors with the various stakeholder groups (financial institutions, consumers, suppliers, innovative start-ups, global technology companies, scientists and decentralized network operators) and coordinate their work where necessary;

3) develop transversal themes taking into account the competitiveness of Swiss financial centre and the risks to which it is exposed, in particular in areas such as the use of data, systems "cloud”, the technology of distributed ledger ( "distributed ledger technology"), the cybersecurity, artificial intelligence, sustainable fintech ( "Green FinTech"), doctrine and research.

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Lake Zug: the canton of the same name in central Switzerland is one of the world capitals of digital finance
Lake Zug: the canton of the same name in central Switzerland is one of the world capitals of digital finance