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Switzerland to ease regulations for Cryptocurrency

Switzerland to ease regulations for Cryptocurrency

July 23, 2018 10:42 am,

Switzerland once called Crypto Nation, is currently driving away the cryptocurrency ecosystem due to its stringent and strict regulatory network. In Switzerland, the Swiss government is making some important changes in the rules and regulations in its regulatory system to reinvent itself as the cryptocurrency hotbed of the world.

It was reported in the local newspaper, that the publishing of Initial Coin Offering (ICO) guidelines on February 2018 has resulted in several crypto enthusiasts and firms leaving Switzerland to offshore rival countries such as Liechtenstein, Gibraltar, the Cayman Islands and the British Virgin Islands.

Most famous and Popular cryptocurrency expert Erik Voorhees had felt that the rules and regulations brought to put a hold on money laundering and other illegal cases are pretty reasonable. The rules and regulations had classified the token into three different types Payment, Utility, and Asset.

Still, the reality begs to differ from the popular cryptocurrency expert Erik Voorhees opinion. In the past few years, it is observed that Switzerland has dropped its ranking from Second place in 2017 to Sixth place in 2018 in a PwC country ranking of the sum of initial coin offering (ICO) funds raised. The main and the most important fact is that an ample of cryptocurrency entrepreneurs seem to be losing their interest and having a sort of fear in establishing themselves in the country.

In Switzerland, the cryptocurrency ecosystem has taken various steps to bring back the interest of the entrepreneurs and have also requested the central bank, Swiss National Bank (SNB), to relieve the entrepreneurs from the hardships of opening bank accounts since the new law has been made. The Main challenge is to encourage cryptocurrency innovation within the financial system and at the same time protect the investors from fraud and lack of transparency. The present Anti-Money Laundering (AML) regulation on payment tokens may possibly hold the banks liable for the mistakes made by the ICO issuers based in Switzerland.