Swiss Government Report: Bitcoin Too 'Insignificant' for Legislation
The Swiss Financial Market Supervisory Authority (FINMA) has released an updated bitcoin factsheet, taking into account the findings of the Federal Council report. The FINMA factsheet outlines regulatory limitations and licensing requirements for bitcoin operators. Depending on the business model, bitcoin businesses may require a banking licence and some activities fall under money laundering regulations. Switzerland's Federal Council has published a report stating that, for the time being, it will not create legislation relating specifically to bitcoin or other digital currencies. The....
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While Canada and California are tackling Bitcoin legislation head on, the Swiss Federal Council has announced its move to the contrary: no law on digital currencies. The Council’s report published today contains an in-depth review of the status of virtual currencies including Bitcoin, both within Switzerland and internationally. Rather than following suit after Canada’s announcement last week of the world’s first national Bitcoin law, however, it was recommended to hold off on passing any form of official ruling. An official press release states: “Given that virtual currencies are a....
Switzerland's Federal Council, the nation's seven-member executive branch, issued a new 25-page report on digital currencies yesterday, which sought to broadly define how it believes specific bitcoin businesses should be regulated under existing law. The news comes as a result of a September request by Swiss Socialist Party member Jean Christophe Schwaab for the organisation to pen the report, one which was formally accepted as an initiative by the Federal Council in December. The Federal Council has the ability to create ordinances, but only the parliament is able to create legislation,....
A member of Switzerland's federal parliament has made a submission to the country's National Council asking it to write a report on bitcoin. Jean Christophe Schwaab of the Swiss Socialist Party said he submitted the request because he is concerned about the potential of bitcoin. "It's difficult to know at this stage exactly what bitcoin is and what it is capable of becoming. That's why I want the government to look at the bitcoin market and and what the dangers are," he said. Schwaab went on to say he thinks there is real danger of bitcoin enabling money laundering and other criminal....
The Federal Council of the Swiss government is to write a report on the dangers of bitcoin, examining the effects it could have on Switzerland's financial system and society in general. Jean Christophe Schwaab of the Swiss Socialist Party submitted the request for the report in a postulate back in September. At the time, he said he had submitted the request because he was concerned about the potential of bitcoin and other virtual currencies. Luzius Meisser, president of Bitcoin Association Switzerland, said Schwaab's postulate takes a wholly negative perspective, focusing on the risks of....
Swiss Socialist Party parliamentarian Jean Christophe Schwaab submitted a request to the Swiss National Council seeking a report on Bitcoin, particularly on the digital currency’s potential and risks. Schwaab said Bitcoin’s ability to possibly facilitate money laundering is a concern. Switzerland, of course, is world famous for its banking industry. Schwaab acknowledged, too, that Bitcoin could be a good thing for Switzerland, but his concerns seemed to stem primarily from a piece of reporting in which a Swiss journalist was able to buy drugs with Bitcoin from the Silk Road. He said he....