How Switzerland's First Financial Markets Blockchain Was Born
A prototype currently being developed by Swiss infrastructure provider Six Securities is just the beginning of its plan to reimagine how its operations could be restructured and reimagined with distributed ledgers. Built in collaboration with Digital Asset Holdings, the prototype is designed to show how corporate actions (such as the sale of company shares or a change in leadership) could be communicated via the technology. Instead of shareholders being informed via middlemen, a single shared ledger, the firm believes, could near-instantly reflect the changes. While an early version of the....
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Switzerland is Considering Bitcoin. Switzerland: The Swiss Financial Market Supervisory Authority, FINMA, has revised the Collective Investment Schemes Ordnance. This time it includes information and guidelines on Bitcoin. Coming from one of the most conservative and secretive financial systems in the world, this is an indication of Bitcoin's progress. FINMA's role is: "To protect creditors, investors and policy holders and ensure the smooth functioning of the financial markets. Through consistent supervision and predictable regulation, we make an important contribution to safeguarding the....
Bitcoin users do not have to pay value added tax (VAT) on bitcoin in Switzerland. The Swiss Tax Administration (ESTV) has announced there will be no VAT on bitcoin transactions, according to Bitcoin Association Switzerland. The news brings hope not only to bitcoin users in Switzerland, but worldwide. Switzerland has a global reputation for financial security. Bitcoin supporters want governments to view bitcoin as a method of payment, not as a delivery of goods or a service subject to a VAT. Bitcoin supporters have noted that it will be difficult for bitcoin to become an accepted currency....
Clients of BBVA Switzerland will be able to buy, store, and trade crypto assets with a digital account that comes with a cryptocurrency wallet. The new banking product will be available across the European Union as well as in a number of markets in South America. BBVA Switzerland Account Facilitates Cryptocurrency Investments The Swiss subsidiary of Spain’s banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the launch of a “100% digital investment account.” With the offering, the bank is trying to meet the needs of a new type of tech-savvy clients who....
PRESS RELEASE. October 27th, Lugano Switzerland — The city of Lugano is the largest city in the canton of Ticino, Switzerland. They are also the economic capital of Southern Switzerland, strategically located between the metropolitan areas of Milan and Zurich. Part of Lugano’s appeal as a vibrant financial center is its commitment to the adoption and usage of cryptocurrencies. On the 3rd of March 2022, the City of Lugano and Tether Operations Limited signed a Memorandum of Understanding to collaborate on an initiative called Plan ₿, meant to make Lugano one of Europe’s and the world’s main....
Zurich-based Gazprombank, a subsidiary of Russia’s third-largest bank, has been approved by Switzerland’s financial regulator to offer a number of cryptocurrency services, including the buying, selling, trading, and custody of bitcoin. Gazprombank Approved to Offer Bitcoin Services Gazprombank (Switzerland) Ltd. announced Thursday that it has received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to provide cryptocurrency services. The Zurich-based bank is wholly owned by Russian Gazprombank. The parent company is the third-largest bank in Russia....