Switzerland Won’t ‘Obstruct’ Bitcoin Startups, Eases Regulations

Bitcoin consulting firm and solutions provider Bitcoin Suisse AG has installed BitXatm's two-way bitcoin ATMs in Bern, the capital city of Switzerland. Residents in the city of Bern will now be able to purchase and sell bitcoin with ease, with 5% fees and a maximum daily limit of US$5159. Over the past year, Bitcoin Suisse AG has installed 3 two-way ATMs and a one-way ATM across Switzerland by partnering with two major bitcoin manufacturers BitXatm and Lamassu. Improved Bitcoin Ecosystem. Over the last few months, bitcoin startups including wallet service providers, exchanges and....

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,....

Although the draft for these new regulations has yet to be created, the government is hopeful they can shake up the Swiss banking sector. Regulation is always a double-edged blade. On the one hand, guidelines can help legalize new currencies and financial tools. At the same time, these rules can nip innovation in the bud at a very early stage. Switzerland wants to ease up on fintech regulation, which is excellent news for Bitcoin activity in the country. New rules have been proposed by the Swiss government to encourage fintech startups in the country. By easing these regulatory guidelines,....

The Swiss government has said that finance regulations should be “swiftly adjusted” to cater for fintech innovations, “in particular the Blockchain area.” In a release issued Wednesday, the country’s Federal Council said it wished to create a “dynamic fintech system” as this would “contribute significantly to the quality of Switzerland's financial center and boost its competitiveness.” “Due to the rapidly progressing digitization in the financial sector, in particular in the Blockchain area, it can be assumed that business models will develop which are not yet conceivable today,” the....

Regulations or lack thereof can be tricky for businesses, especially if you are involved in Bitcoin startups or cryptocurrency related business. Bitcoin and other cryptocurrencies are relatively new introductions to the economy and there isn't enough clarity amongst people regarding its inner working and implications. The companies that are into Bitcoin based businesses are doing so based on their belief and the emerging trends which indicate that Bitcoin might just be the digital currency that future will embrace and appreciate. Some of them have been really lucky so far, some not so much....