Switzerland Unveils Legal Blockchain Framework In Crypto Valley Association Partnership

2018-12-15 23:50

Switzerland Unveils Legal Framework For Blockchain Technology In Partnership With Crypto Valley Association

Switzerland has once again shown itself to be one of the world’s leading authorities on blockchain technology. This past week, Switzerland unveiled a new legal framework for distributed ledger technology.

The regulations were unveiled during a Federal Council meeting on December 7. The 162-page document covers the various impacts of blockchain and distributed ledger technology.

The report was prepared in consultation with internal and external stakeholders, including the Crypto Valley Association, which provided input through its Policy and Regulatory Working Group.

The Crypto Valley Association is a Switzerland-based non-profit association supporting the development of blockchain and cryptographic-related technologies and businesses. The CVA’s Policy and Regulatory Working Group is led by Dr. Mattia Rattaggi.

“Crypto Valley” is a term for the area around Zug, Switzerland where a number of blockchain companies are based. The area is becoming increasingly concentrated with blockchain startups due to Switzerland’s progressive financial laws. Just like Silicon Valley in California was the hub of the internet revolution, Crypto Valley wants to be the hub of the blockchain revolution.

The report is titled “Legal framework for distributed ledger technology and blockchain in Switzerland”. It was released by the State Secretariat for International Finance (SIF) earlier today.

Explains Switzerland’s SIF in a press release discussing the report

“It is predicted that distributed ledger technology and blockchain technology have considerable potential for innovation and enhanced efficiency both in the financial sector and in other sectors of the economy.”  “The Federal Council wishes to exploit the opportunities offered by digitalization for Switzerland.”

The goal of the regulation is to create the best possible framework conditions so that Switzerland can establish itself and evolve as a leading, innovative and sustainable location for fintech and blockchain companies.

The regulations are also expected to reduce criminal activity in the blockchain space:

“Moreover, it wants to consistently combat abuses and ensure the integrity and good reputation of Switzerland as a financial centre and business location.”

After releasing the report, Switzerland’s Federal Council instructed the Federal Department of Finance (FDF) and the Federal Department of Justice and Police (FDJP) to draw up a consultation draft in the first quarter of 2019 that will lead to industry-specific regulations, including civil law, insolvency law, financial market law, banking law, and anti-money laundering law catered to the blockchain space.

Some of the topics covered in the current report include:

Applications of distributed ledger technology in the financial sector Fundamentals of distributed ledger technology and blockchain, including how blockchain and DLTs work The international environment for blockchain technology, including Switzerland’s position in the blockchain space and the way in which other countries are handling it Legal basis for blockchain regulations under civil law, including the legal classification of tokens under current Swiss laws, data ownership rights, token transfers, and more Treatment of crypto assets and data in insolvency proceedings, including the segregation of cryptocurrencies in divorce proceedings and similar procedures How financial market laws apply to crypto How current Swiss regulations, including the Financial Institutions Act (FinIA) and Federal Financial Services Act (FinSA) apply to blockchain How to create regulations that effectively govern blockchain technology while still combating terrorist financing and money laundering, among other illegal activities

You can read the full report from Switzerland’s Federal Council here.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

High Performance Blockchain (HPB) íà Currencies.ru

$ 0.0065407 (-0.27%)
Îáúåì 24H $24.938k
Èçìåíåèÿ 24h: 0.36 %, 7d: -3.88 %
Cåãîäíÿ L: $0.006534 - H: $0.0065996
Êàïèòàëèçàöèÿ $477.925k Rank 2073
Öåíà â ÷àñ íîâîñòè $ 0.227 (-97.12%)

switzerland technology blockchain framework legal unveiled partnership

Èñòî÷íèê: bitcoinexchangeguide.com

switzerland technology → Ðåçóëüòàòîâ: 49


Ôîòî:

Switzerland says its national blockchain will be more secure than Bitcoin – it won’t be

Switzerland‘s state-run postal and telecoms services are hellbent on building a national blockchain in a bid to recruit local businesses to convert to distributed ledger technology (DLT). Swiss Post and Swisscom have shared details of joint-venture to build a completely private Swiss blockchain for launching locally operated “decentralized” applications.

2018-12-6 14:11


Ôîòî:

Huobi Big Data Report: Blockchain Voting for U.S. Military, Switzerland Launches World’s First Crypto ETP

Huobi published its report for the week running from Nov. 11th to Nov. 18th and it is marked by a decrease in digital asset prices. The report also focused on several other issues including the industrial application of blockchain technology, the use of cryptocurrencies by risky personalities, the possibility of paying taxes using cryptocurrencies, and […] Huobi Big Data Report: Blockchain Voting for U.

2018-11-26 12:59


Ôîòî:

Bitfury Acquires Minority Stake in Final Frontier, Aims To Expand Services

The Bitfury Group has acquired a minority stake in blockchain services firm Final Frontier. Both organizations are looking to utilize each other’s knowledge and experience in the traditional and digital finance spaces to potentially release a new line of financial products and services designed to assist professional investors in getting their hands on digital assets.

2018-11-14 00:53


Blockchain Business in Crypto Valley Has Doubled Since Last Year: Report

The number of blockchain-related companies in Switzerland and Liechtenstein has doubled in the last year, according to a new study published by CV VC. The Zug-based firm, in partnership with Strategy& (PwC’s global consulting arm) and inacta, compiled information about the top 50 blockchain and digital asset companies between the two countries.

2018-10-11 00:18


UTRUST and AidCoin Unite to Enhance Charitable Giving – Delivering Protected and Transparent Crypto Donations via the Blockchain

Zug, Switzerland: 25th July, 2018 – Blockchain-based payment platform, UTRUST, has today announced a technology integration with AidCoin; the ERC20 for the new era of charitable giving. The partnership will enable UTRUST users to make instant, seamless and secure donations to charities using 23 different cryptocurrencies through AIDChain, via the UTRUST interface.

2018-7-25 10:58


Digital Assets Exchange Program Begun by Swiss Stock Exchange

Switzerland’s principal stock exchange SIX announced today, July 6, that it will open a “fully-regulated” cryptocurrency exchange next year. In an official press release, SIX confirmed it would use so-called distributed ledger technology (DLT) –– of which blockchain is one type –– to build what they are dubbing a “digital asset ecosystem,” Six Digital Exchange

2018-7-6 20:59


Ôîòî:

Head of Swiss Department of Economic Affairs Conveys Optimistic Vision on Blockchain Technology

Johann N. Schneider-Ammann, the Head of the Federal Department of Economic Affairs, Education and Research of Switzerland, affirmed his belief that blockchain technology is here to stay. Speaking at the Crypto Valley Conference in Zug on June 21, Schneider-Ammann addressed the attendees, quoting Mikhail Gorbachev’s “Life punishes those who come late.

2018-6-26 14:49


Lykke supports launching Blockchain Valley Ventures, accelerator and venture capital firm with a "hybrid" financing model for blockchain-enabled businesses

Blockchain Valley Ventures (BVV), a new accelerator and venture capital firm offering investment, financing, and advisory services for blockchain-enabled businesses, has launched today. The firm will focus on investments in, and the incubation and development of, business ventures in a number of industries that are utilizing blockchain technology to facilitate growth and innovation.

2018-7-31 18:00


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Altcoins to triple in value? Analysts predict a breakout!

Altcoin market cap exceeds $1.1 trillion, signaling potential for an ‘altseason.’ Analysts predict a significant surge if resistance levels are broken. The altcoin market, a segment ofteThe post Altcoins to triple in value? Analysts predict a breakout! appeared first on AMBCrypto.

Will Ethereum surge to $4.5K before ETH ETFs go live?

Ethereum's price nears $4,000, influenced by optimism around newly approved ETFs. Market analysts suggest the potential for Ethereum to reach as high as $10,000 in the current cycle. In the The post Will Ethereum surge to $4.

Notcoin price prediction: These are the next key levels for NOT

Notcoin regained its short-term bullish market structure. The volume indicators of NOT signaled a lack of buying pressure despite enthusiasm in the Futures markets. Notcoin [NOT] was trendinThe post Notcoin price prediction: These are the next key levels for NOT appeared first on AMBCrypto.

Toncoin's 2024 price performance overshadowed by THIS factor

TON outperformed a large number of tokens in terms of price growth in 2024. However,  activity on the network continued to decline. Toncoin [TON] network has been one of the dark horses of The post Toncoin's 2024 price performance overshadowed by THIS factor appeared first on AMBCrypto.

Letitia James warns crypto firms: ‘Play by same rules’ or…

NYAG Letitia James maintained a strict stance on crypto after the $2B Genesis settlement.  NYAG warned other crypto firms to face consequences if they don’t play by the rules. New York AtThe post Letitia James warns crypto firms: ‘Play by same rules’ or… appeared first on AMBCrypto.

Ethereum: Why major investors are holding on despite ETH's price rise

Whales accumulated large amounts of ETH and continued to HODL. Retail investors showed interest in ETH as well, however, network growth declined. The price of Ethereum [ETH] soared over the The post Ethereum: Why major investors are holding on despite ETH's price rise appeared first on AMBCrypto.