Bitcoin Regulation is on Swiss Government’s Fintech-Friendly Agenda
Switzerland’s Federal Council has called for reducing the barriers seen by Fintech firms to enter the country which could see broader implications on the country’s regulatory stance on virtual currencies like bitcoin. In a meeting today, the Swiss Federal Council instructed the Federal Department of Finance (FDF) to prepare a consultation draft to relax the regulatory framework required for Fintech companies to enter and invest resources in the country. The Federal Council, a seven-member executive council – essentially the country’s cabinet – outlined its objectives geared to make....
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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,....
Switzerland’s Federal Council – a seven-member group that serves as the country’s head of government – began consulting amendments to the country’s Banking Act and Banking Ordinance when it comes to financial technology on the 1st of February. The goal is to reduce market entry barriers for Fintech firms, and to enhance the Swiss financial center’s competitiveness. The country’s Federal Council had in the past outlined its Fintech-friendly agenda, in which the Federal Department of Finance (FDF) was instructed to prepare a consolation draft that would make it easier for Fintech companies....
It was early May when the Swiss town of Zug convened a city council meeting. By the end of it, bitcoin was accepted as a valid mode of payment for municipality services, part of a pilot program. Fintech-friendly Zug, a picturesque and serene town on the banks of lake Zug made headlines in May after gaining the distinction of the first municipality or locality in the world to accept bitcoin. The cryptocurrency was accepted by the city council as a part of a pilot program, enabling adopters and users to pay for municipal services with the cryptocurrency. The considerable media coverage that....
Bitcoin startup Xapo has revealed that it has gained an early ‘conditional approval’ from Switzerland’s financial regulator to operate in the country. Announced by Xapo CEO Wences Casares yesterday, the preliminary approval is reliant on several requirements, including a mandatory membership with the Self-Regulatory Organization (SRO). Xapo is confident that it will meet the requirements to become a member. Xapo chose the town of Zug (also known as Crypto Valley) in Switzerland as the location for its global headquarters. Switzerland’s international neutrality and its regulatory stability....
Its national railway service may have already jumped on the bitcoin bandwagon, but Switzerland is taking a slower approach as it looks to regulate digital currencies and fintech. Days after Swiss rail operator SBB made international headlines for the decision to sell bitcoin through its network of ticket kiosks, the country’s Federal Department of Finance (FDF) outlined its plans to regulate fintech with an eye to introduce legislation sometime next year. Key elements include plans for a new kind of license geared specifically toward fintech companies and a so-called regulatory “sandbox”....