The Swiss government has initiated a new organization that would help solidify its regulatory framework around blockchain startups and ICOs.
Called Taskforce Blockchain, the group is led by Finance Minister Ueli Mausrer and Economics and Education Minister Johann Schneider-Ammann.
It also includes federal and local officials, and members of different blockchain startups and legal representatives, according to a fact sheet.
The group will examine the legal guidelines around ICOs and blockchain companies.
It would also work with the State Secretariat for International Financial Matters – the federal body tasked with implementing financial market regulations and representing the government’s financial interests across the globe.
Schneider-Ammann lauded the inclusion of blockchain companies in the talks surrounding their legal framework.
“[Blockchain is] becoming more important as a technology for many industries, not just crypto finance. [What is needed is liberal regulation], which opens opportunities for Switzerland’s position while at the same time reducing risks.”
Switzerland has long held a positive stance toward blockchain startups and cryptocurrency organizations.
It is also home to “Crypto Valley,” a region in the country known for the number of companies developing projects based on the technology.
The 30-kilometer stretch of land from Zurich to Zug, known as ‘Crypto Valley’, has progressive laws, a competitive hiring environment and low taxes, and it’s this unique mix that has enticed businesses looking for a place to gain traction amid an uncertain international legal climate.
While governments in the US, China and Russia have all taken strict or uncertain regulatory stances toward digital currencies, Switzerland has largely continued the laissez-faire philosophy that has long made its banks valuable, and ‘Crypto Valley’ has become the center of the movement.
Additionally, the government’s Federal Council proposed a regulatory sandbox last year to make a warmer environment for startups to work with their projects.
Part of this sandbox’s goal would be to observe the development of new business models encouraged by financial technologies.
The government also aired hopes to encourage more companies to build their base of operations in the European country.
The Taskforce Blockchain’s first meeting is scheduled on January 12, 2018.
- Sberbank of Russia Launches Blockchain Laboratory 12 January 2018
- Ukraine Creates Oversight Working Group for Cryptocurrency Regulation 12 January 2018
- BitConnect Given Second Cease-and-Desist Order 12 January 2018
- Arizona Lawmakers Propose to Let People Pay Taxes with Bitcoin 12 January 2018
- KFC Canada Offers Fried Chicken for Bitcoin in Innovative Marketing Ploy 12 January 2018
Bitcoin3 days ago
Bitcoin Event Stops Accepting Bitcoin Due to Fees and Congestion
Blockchain5 days ago
United States SEC Office Pokes Fun at Blockchain Stock Pumpers
Bitcoin2 days ago
Ukraine Creates Oversight Working Group for Cryptocurrency Regulation
Bitcoin5 days ago
ViaBTC to Shut Down Marketplace for Mining Contracts This Week