Switzerland Aims to Attract Blockchain Startups by Reducing Fintech Market Entry Barriers
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....
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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....
With London moving out of the European Union, Germany, Switzerland, Greece, and Lithuania emerge as potential fintech hubs of the future. London has so far been considered as the financial powerhouse of the European Union. With Britain, all set to separate from the EU following its Brexit vote, the position is now open for others to fill in. While Germany and Switzerland remain the most favored replacement for London, there are two unlikely contenders — Greece and Lithuania making a hard push to attract fintech and blockchain startups into their country. Since the announcement of Brexit,....
Switzerland’s government is considering new regulations in light of fintech advancements such as blockchain, with the aim of creating a more welcoming atmosphere for startups working in the space. The Swiss Federal Council – a seven-member group that serves as the country’s collective head of government – said today that it is seeking consultations on regulatory changes for the domestic financial industry to account for fintech. Specifically, the government is proposing that firms that accept less than 1m Swiss francs in deposits (just over $1m USD) be classified differently than other....
The financial services technologies (FinTech) industry has had over 45 venture capital investments, equivalent to US$3 billion in global ventures in 2013. Kantox reported that the number of deals in 2014 and 2015 is projected to hit around 60-70, as the global growth rate of the industry reaches a 26%. Moreover, Accenture’s “The Rise of Fintech: New York’s Opportunity for Tech Leadership” report on global investments in Fintech is expected to rise to US$8 billion by 2018 in wake of open-source software and cloud technology lowering the barriers to entry for startups. Many startups have....
Since 2015, an increasing number of multi-billion-dollar financial institutions such as Goldman Sachs have exhibited their interest in emerging innovative financial technologies and startups. Several major banks and financial organizations have established various investment funds for fintech and blockchain startups, to research the application of fintech and blockchain technologies in the financial market. Blockchain technology focused startups have been the main attraction of these banks. According to the Outlier Ventures research team, there are over 1,000 blockchain startups in....