Switzerland Set to Ease Finance Regulations, Support Blockchain Innovation
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....
Related News
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....
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,....
Big Four accounting firm EY (Ernst & Young) has just announced its Switzerland branch will be accepting bitcoin. Furthermore, the professional services company will install a bitcoin ATM in the main building of its Swiss office. EY Switzerland Will Accept Bitcoin for Services. EY Switzerland says the firm believes in the digitalization of emerging....
Thomson Reuters along with EY and others is organizing a blockchain hackathon in Switzerland. The future of blockchain looks bright, thanks to increasing adoption of Bitcoin’s underlying technology by leading industry segments. Innovation holds the key to widespread implementation of distributed ledger technology across industries. Thomson Reuters, along with Ernst & Young and other blockchain players are trying to facilitate such adoption by organizing a Blockchain Hackathon. The two-day blockchain hackathon is being held over the weekend, between 27th and 29th January 2017 in Baar,....
In April, Bitcoin Magazine reported that UBS was planning to investigate blockchain technology in a new innovation lab based in London. The innovation lab located in Level39, Europe's largest technology accelerator space for finance and cyber-securities, focuses on exploring the role of blockchain technology in financial services. "Our innovation lab at Level39 will provide a unique platform to explore emerging technologies such as blockchain and cryptocurrencies, and to understand the potential impact for the industry," said UBS Group CIO Oliver Bussmann. UBS, a Swiss global financial....