Switzerland Eases Crypto Regulations to Prevent Market Withdrawal

2018-9-23 18:01

Switzerland has long been interested in the cryptocurrency market. However, despite regulators’ efforts, banks have been resistant in working with crypto-based projects. Because of this strict stance, crypto startups stemming from Switzerland are threatening to move to more friendly locations. This migration could prove fatal for the Swiss-crypto market, as the country is home to over 500 blockchain startups residing in its “Crypto Valley.”

Unfortunately, it’s hard for these startups to work with banks who refuse to provide service. As reported by Reuters, banks are worried about violating the different rules and regulations in place surrounding digital assets.

Yet, the Swiss government has been working with banks to establish new regulations to simplify the process, which looks to have paid off. On September 21, the Swiss Bankers Association (SBA) announced new regulations for crypto startups looking to work with banks. SBA’s Strategic Adviser, Adrian Schatzmann, commented on the change at a conference:

“We believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts.”

Suggested Reading : Learn about the best cryptocurrency wallets in our comprehensive guide.

Establishing New Rules

Currently, a small amount of Switzerland’s 250 banks work to convert crypto deposits into fiat—a necessary service for projects funded via Initial Coin Offering (ICO.) Two of those banks stopped their services, with the fourth-largest Swiss bank, Zuercher Kantonalbank (ZKB,) closing over 20 accounts.

Some ICO services may not have run anti-money-laundering or know-your-customer checks on their investors, meaning that banks could violate laws via association. However, the new guidelines recommend these checks and services while detailing to ICO startups what information they should provide to banks. Checks are separate for ICO startups and those who raise money through other matters.

SBA Deputy Chief Executive, August Benz, states that the banks’ initial feelings on the matter have been positive, but we’ve yet to see how they’ll react in practice.

The post Switzerland Eases Crypto Regulations to Prevent Market Withdrawal appeared first on UNHASHED.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 4.67 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0065787 (-100%)

market switzerland crypto regulations eases prevent withdrawal

market switzerland → Ðåçóëüòàòîâ: 33


Lykke Develops 1-year Forward Offering for Cryptocurrency Market

Lykke has announced the launch of its proprietary 1-year forward offering to be officially unveiled on February 9th 2017 at a Lykke-hosted event in Zurich, Switzerland. From February 9th 2017, Lykke will offer a novel financial instrument which operates much like today’s forward contracts with the benefit of being ‘at the run’ for the entirety of the contract period - a significant difference from current procedure which sees settlement occur only at the settlement date.

2018-7-31 13:18


Ôîòî:

FINMA Launches Proceedings Against $100 Million ICO

Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), has announced that it has launched proceedings against initial coin offering (ICO) issuer, Envion AG. Also Read: Bolivar ‘Anchored’ to the Petro to Be Issued in August, Maduro Says FINMA Launches Proceeding Against $100 Million ICO A press release published by the Swiss Financial Market Supervisory […] The post FINMA Launches Proceedings Against $100 Million ICO appeared first on Bitcoin News.

2018-7-27 10:45


trade.io Launches Unique, Community-Led Crypto-to-Crypto Exchange

New innovative exchange backed by a $50 million liquidity pool providing revenue sharing on a daily basis opens its doors to the market Lugano, Switzerland – 25th July 2018 – trade.io, the next-generation blockchain-based financial trading platform, has officially launched its one-of-a-kind, highly customizable crypto-to-crypto exchange which will initially offer the following tradable instruments: BTC […]

2018-7-26 00:42


Cryptocurrencies are the ‘future of money’: The United States Congress

On 14th July, The United States House of Representatives has gone so far as to say that digital currencies are the ‘future of money’. This latest development comes in the wake of countries such as South Korea, Malta, and Switzerland adopting and implementing clear regulation for the $250 million cryptocurrency market. The United States will begin […]

2018-7-15 12:15


Ôîòî:

Swiss Stock Exchange Operator Plans to Launch Crypto Exchange

SIX, the firm that operates and owns the Swiss stock exchange, has announced plans to launch a fully regulated digital cryptocurrency exchange. The firm says it plans to launch "the first market infrastructure in the world” which will “offer a fully integrated end-to-end trading" while providing a safe environment where digital assets can be issued and existing securities and non-bankable assets can be tokenized.

2018-7-7 23:11