Switzerland’s blockchain and fintech experts will work in developing the regulations for Isreali officials and present it to the Israeli government by the end of this year.
Two nations, Switzerland and Isreal have agreed to collaborate on the matter of cryptocurrency and blockchain regulations. As per its discussion with the Isreali authorities, Switzerland will be sharing its regulatory experience in the matter of financial technology.
Recently, the finance minister of Switzerland Ueli Maurer made a visit to Isreal along with State Secretary for International Financial Matters Joerg Gasser. As reported by Reuters, the finance minister said that Switzerland is keen to get access to the Isreali market by allowing their banks to trade there. “We need market access and each other’s markets unfettered and as free as possible,” said Joerg Gasser.
Gasser told Reuters that he is planning to prepare a report on blockchain regulations for Isreali officials and submit the recommendations by the end of this year. He expects the Isreali parliament to approve the report by the next year of 2019 and bring it into effect by its successive year of 2020.
Switzerland provides a cryptocurrency and blockchain-friendly atmosphere for startups and companies and has emerged as a go-to destination for them. Often referred to as the crypto-valley, the small Alpine town of Zug in Switzerland has turned into a blockchain hub. Zug is also the home to some of the most prominent companies like the Ethereum Foundation and the ShapeShift exchange.
Swiss Central Bank Not So Crypto-Friendly
Although the Swiss government promotes blockchain and crypto activities in the nation, the country’s central bank is not much positive about it. A few months back, Swiss crypto companies were facing trouble with opening accounts with the banks. The central bank of Switzerland expressed serious concerns regarding the opaque functioning of the cryptocurrency market. The result was that some companies also considered shifting their base out of the country.
The central bank also turned down the idea of having a central-bank-digital-currency (CBDC) saying that the blockchain technology is still not matured enough. However, earlier this month, a Switzerland-based startup Alprockz AG announced the launch of its own ROCKZ stablecoin.
The stablecoin is connected with the Swiss franc in 1:1 ratio. In the press release, the company noted that the ROCKZ сryptocurrency is fully backed by Swiss franc and is compliant with national and international legislation following the cryptocurrency regulation.
The founder of Alprockz Alexey Borichev stated:
next“The reason for choosing a Swiss provider is in the regulatory aspects, which we must respect, as a corporation registered in Switzerland and launching a token sale.”