Blockchain in Insurance Law: Regulatory Challenges in Switzerland and Singapore

Abstract

Background: Blockchain technology is revolutionizing the insurance industry by enhancing transparency and reducing fraud. However, regulatory frameworks struggle to keep pace with this innovation, particularly in global hubs like Switzerland and Singapore.
Objective: This article examines the regulatory challenges of integrating blockchain into insurance practices in Switzerland and Singapore. It aims to identify best practices for leveraging blockchain while ensuring compliance with existing laws.
Methodology: The study adopts a qualitative approach, analyzing legal and policy documents, blockchain-based insurance use cases, and expert interviews. Comparative analysis highlights regulatory differences and similarities.
Findings: Switzerland’s crypto-friendly policies encourage blockchain adoption but raise concerns about consumer protection. Singapore’s balanced approach emphasizes compliance and innovation, creating a robust environment for blockchain-based insurance solutions. Harmonized global regulations could enhance the scalability of blockchain in insurance.