Swiss Parliament Moves to Deregulate Blockchain Startups
Switzerland takes another large step in the direction of a crypto paradise with the introduction of a motion to redefine client deposits, exempting Bitcoin businesses from the stringent financial regulations banks face. Members of the Swiss parliament moved to lessen regulations on Bitcoin- and blockchain-based startups. Federal Assembly member Franz Grüter, along with 23 of his colleagues across several parties, filed the motion last Wednesday (though a vote would likely not take place until the fall). The motion aims to clarify the definition of financial institutions. Currently,....
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In early December there was a mention of members in the Swiss Parliament wanting to treat bitcoin as a foreign currency. In that article, we wrote, "Forty-five members of the Swiss parliament have agreed to sign a postulate that considers bitcoin a foreign currency." Now, the Swiss Parliament is gearing up to vote on proposals that treat the digital currency as such. According to Finextra, "If approved by Parliament, the questions will be posed to the Swiss executive arm of government, the Federal Council for judgment." Approval from high office could set an example to other governments,....
While bitcoin has had the history of being seen as a voucher in the United Kingdom and a hobby in places like China, Switzerland is taking a much difference approach. Forty-five members of the Swiss parliament have agreed to sign a postulate that considers bitcoin a foreign currency (that effectively puts the cryptocurrency in the same boat as the United States dollar or the Chinese yuan). This postulate is also the beginning of research into what kinds of opportunities bitcoin can hold for Swiss finance. According to this post on Bitcointalk, "The next formal step is for the Swiss....
Various members of Switzerland’s parliament have proposed a motion to reduce the regulatory burdens of blockchain startups. This could be a significant more for the future of Bitcoin technology in the country. Regulatory guidelines burden startups active in the world of blockchain technology. Especially those companies who deal with financial....
The Swiss parliament has made a lot of headway since lawmaker Jean Christophe Schwaab first asked to look into cryptocurrencies back in September. Just three months ago, Schwaab was on record as describing Bitcoin as something for “geeks, criminals and special police units.” Fast forward to this week: Schwaab himself was among 45 Swiss parliament members who signed a proposal, or postulate, that would treat Bitcoin as a foreign currency. This could be a big step forward in legitimizing Bitcoin in Switzerland and Europe. Ultimately, it would allow the Swiss banking sector substantial peace....
South Korean voters have elected a crypto-friendly president. Yoon Suk-yeol of the conservative People Power Party has vowed to deregulate the crypto industry and introduce favorable tax laws for crypto investors. “To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable,” he said.
South Korea’s President-Elect Vows to Deregulate Crypto Industry
South Korean voters elected Yoon Suk-yeol of the conservative People Power Party as their new president in the country’s most....