Switzerland to adopt laws to Blockchain in 2019; but FINMA

Switzerland to adopt laws to Blockchain in 2019; but FINMA

Switzerland regulators introduced a new fintech license with new, but “relaxed”, requirements to blockchain and cryptocurrency-based companies. However, the Swiss minister of Finance rejected the possibility of having a blockchain law. A Swiss Yin and Yang.

The Financial market Supervisory Authority introduced a new license with relaxed regulation for blockchain and cryptocurrency firms. With the new rules, the regulator allows “innovative financial companies” to accept public deposits of up to 100 million Swiss Francs.

“The FinTech licence allows institutions to accept public deposits of up to CHF 100 million, provided that these are not invested and no interest is paid on them,” said the press release. “A further requirement is that an institution with a FinTech licence must have its registered office and conduct its business activities in Switzerland.”

Firms that want to be licensed under the new scheme introduced by FINMA must fit conditions such as being a listed company, corporation with unlimited partners or a limited liability company. Also, companies must be Switzerland-based organisations.

“After receiving the application, FINMA will inform the applicant which FINMA staff member is responsible for the procedure and whether any additional information or documents need to be submitted. The duration of the procedure depends on the complexity of the project and the quality of the application.”

On the other hand, Swiss Finance Minister Ueli Maurer affirmed in a speech at the Blockchain conference Infrachain in Bern, that Switzerland would adapt is laws to new technologies like Blockchain, not vice-versa. Nothing like what Luxembourg did.

Maurer rejected a possible blockchain law or crypto legal framework as the country plans to adjust existing laws into new technology-friendly rules. All modifications will be introduced in 2019 and six different laws are expected to be adjusted, starting with the law of obligations and ending with bankruptcy law.

Time is pressing affirmed Maurer, “London is already ahead of us and locations like Singapore and Shanghai are tough competitors.” Also, Luxembourg released a full blockchain law.

Grandshores hires Xiaolai to create a fiat currency-linked stable coin

Singapore-based blockchain firm has hired veteran crypto billionaire and investor Li Xiaolai as its new executive director and co-CEO according to a press release published by the firm Tuesday.

Li will lead blockchain-related projects including a new fiat currency-linked stable coin, and trusted execution environment (TEE) applications.

“Mr. Li will be mainly responsible for various projects in which the Company has participated,” said the press release, “including establishment of stable digital currency system (focusing on mainstream international currencies), establishment of public database based on DAG (Directed Acyclic Graph) and TEE (Trusted Execution Environment) technologies and other projects relating to blockchain technology applications.”

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