Switzerland and Israel agree to share notes on blockchain regulations 23382
News
Priyanka Babu
Sep 19, 2018 at 1:00 AM

Regulations are increasingly building walls around the loosely regulated blockchain industry. According to a report by Reuters, Switzerland and Israel have decided to become a part of a new endeavor which aims at sharing the experience of regulating the blockchain technology.

As a part of this endeavor, Switzerland's Minister of Finance Ueli Maurer and State Secretary for International Financial Matters Joerg Gasser recently visited Israel and appealed to the Israeli government to grant access to its markets for Swiss banks. Gasser plans to prepare a document by the end of 2018 which would put across some general recommendations for regulating the blockchain world. He is preparing his document in anticipation of an approval from the Israeli parliament in the year 2019 so that the plan can be executed in 2020.

“We need market access and each other’s markets unfettered and as free as possible," said Gasser. "Israeli authorities focus on EU regulations but the EU doesn’t fully recognize our rules and regulations for political reasons,” he added. Both countries have agreed to cooperate on issues regarding market access, financial technology regulation, cryptocurrencies and combating money laundering and terrorist financing.

Switzerland is a cryptocurrency-friendly country, famous for the crypto valley in Zug which has a number of blockchain investors. The country was ranked first in a list of top European countries for launching a Blockchain company. The city council of Zug is notable for accepting payments in bitcoins. Swiss banks are increasingly embracing the cryptocurrency industry. Hypothekarbank Lenzburg, in June, became the first Swiss bank to extend business accounts to blockchain companies.  Israel is looking at issuing a national currency. They are exploring the potential of blockchain in government elections and are also looking forward to implement a blockchain-based drone registry.

See Also: 25% of Bitcoin supply controlled by long term investors; research

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