Switzerland Won’t ‘Obstruct’ Bitcoin Startups, Eases Regulations
Various members of Switzerland’s parliament have proposed a motion to reduce the regulatory burdens of blockchain startups. This could be a significant more for the future of Bitcoin technology in the country. Regulatory guidelines burden startups active in the world of blockchain technology. Especially those companies who deal with financial....
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In a notable shift in its approach to the cryptocurrency sector, the Department of Justice (DOJ) announced that it will not target software developers who create decentralized platforms for transmitting cryptocurrencies, as long as there is no criminal intent. DOJ Eases Stance On Crypto Regulation Acting Assistant Attorney General Matthew Galeotti conveyed this message during […]
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....