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As the European Union calls for stricter regulations on cryptocurrency, Switzerland has created an innovative framework every country should take note of.
A lot of jobs have been made since the birth of cryptocurrency and blockchain technology. With this in mind, the crypto industry is taking necessary measures to keep the talent of top professionals available by investing in educational courses and projects.
These elements are all playing a pivotal role in bringing a level of credibility to the industry. Although whether cryptocurrency can sustain its presence over a longer period largely boils down to what regulatory frameworks every country implements over the coming year or two.
To successfully do this, governments need to find a perfect balance between innovation and strength. A perfect example of this is Switzerland.
Their stance on crypto regulation provides the flexibility for people to continue innovating the industry while ensuring transactions remain secure and safe for investors.
A closer look at their policy
In December 2018, the Swiss government released full details on their policy towards the regulation of blockchain technology in the country.
The report stated that the judiciary of the nation will have the supremacy relating to the subject of digital assets and will have the opportunity to provide a casting verdict if there are any conflicting opinions between different parties.
Alongside the report, many industry leaders have come together to develop processes, procedures and the systems needed to push the technology forward.
This follows the release of Switzerland’s ICO guidelines in early 2018, which provides local start-ups with a way of raising capital through ICO crowdfunding. This is just another step in their bid to be regarded as the number one “crypto nation”.
Is Switzerland the place to do business?
Switzerland currently has a favourable reputation among the crypto-community with it hosting around 15% of the world’s top 100 initial coin offerings (ICOs).
These recent and ongoing alterations to their framework is an undoubted step towards making it one of the best countries for crypto businesses to operate in.
One of the major differences between the Swiss policy and other EU countries is their attitude towards the industry itself.
For instance, they don’t consider a need to make an individual law for the blockchain. Instead, they wanted to amend existing laws to incorporate this technology and provide its full support to its future – putting an emphasis on developing the country’s blockchain ecosystem.
This tells the crypto-community and the world itself, that their government is considering digital assets and blockchain as an important part of the country’s future economy and not as a separate sector which requires certain legislation and is subject to tough stipulations.
This isn’t just a positive step for Switzerland itself, but for the whole crypto-community.
Let’s hope that more countries use the Swiss regulatory framework as a blueprint and the industry can continue to grow for many years to come.
Is Switzerland the right country for your new business? If you need help developing a robust strategy and guidance on regulation, we’re here to help you at every stage of the process.