During the CV Crypto Valley Summit on Wednesday, March 27 in Zug, Swiss President Ueli Maurer said that the concerned authorities should be “fast and clear” while establishing blockchain regulations.

Also the country’s Minister of Finance, Maurer made the comment only days after the Swiss Federal Council started its consultation about important improvement to federal laws that would prove helpful to blockchain firms’ legal status.

Maurer told the audience of over 1000 people at the Crypto Valley Summit that Switzerland ought to make firm and clear action to amend the existing law in order to support blockchain and that the Federal Department of Finance is also out to support the development.

Regarding the blockchain and some other distributed ledger technologies, the president confirmed that the authorities in Switzerland are “constantly looking for ways to stay two steps ahead.”

Experts in the crypto and blockchain fields were invited to make a new move by storming the federal government with innovative ideas. He stated that “doors are open” to such effort.

Earlier this week, the Federal Department of Finance proposed legal amendments, including regulating crypto and blockchain firms under Swiss debt enforcement and bankruptcy law.

Late last year, Maurer suggested that in preference of a specific legal framework for blockchain and crypto, Switzerland should make space for the new technology and its financial appeals in the existing laws.