Swiss Parliament member Franz Grüter could hardly be happier that his proposal for new blockchain regulations has been shot down.
For months, he resisted the government’s requests to kill his motion, which would have changed the definition of a bank to make it easier for cryptocurrency companies to open in Switzerland.
“We got this,” was the gist of what they told him. “Thanks, but no thanks.”
But Grüter, who was elected to represent the Lucerne region of Switzerland a year ago, remained skeptical.
“The reason I was frustrated was that I didn’t believe how bureaucracies work, how bureaucracy works in governments,” Grüter told CoinDesk. “I was not expecting that they would really say what they were writing. So, I kept my motion in place.”
Two months later, he changed his mind. In August, the Swiss Financial Market Supervisory Authority (FINMA) (which oversees the nation’s financial sector) finally convinced him what they were working on would amount to a real impact on blockchain companies — and soon.
Instead of lowering the amount of capital required for banks to keep on hand, the regulation currently being prepared will create an entirely new category of financial institution, he said.
Grüter calls this