Categories: FinanceNews

Switzerland To Ease Up On Fintech Regulation Is Good News For Bitcoin

Switzerland is positioning itself as a region where both Bitcoin and fintech will thrive over the coming years. The government is looking to ease off on fintech regulation, although they may create specific licensing requirements. According to official sources, this move is part of a ‘forward-thinking approach” in this era of digitization.

Less Strict Fintech Regulation Comes To Switzerland

Even though Switzerland seems to do its own thing in the financial sector, for the time being the country is acknowledging the potential of fintech itself. Innovation is always welcome, as it leads to more competition on the market. Consumers reap the benefits from new products and services, which usually come at a lower cost.

Sources close to the Swiss Federal Council state how a new strategy to support fintech startups is mandatory. First of all, there is a large debate over how money needs to be kept in settlement accounts. Doing so would help crowdfunding services in the country, as well as make the regulatory aspect slightly less cumbersome.

Speaking of regulation, the government is also looking to establish a sandbox environment for startups, allowing them to focus on innovation first, rather than regulation. This would also mean that these startups will not be monitored by the Swiss Financial Market Supervisory Authority during the early stages. They would, however, still have to comply with existing AML guidelines.



Related Post

Last but not least, we may soon see a reduction in the number of entry barriers for fintech startups. To be more precise, companies dealing with digital and crypto currencies, such as Bitcoin, are often barred from actively participating in the fintech sector. Lowering these barriers seems to confirm further that Switzerland sees a lot of value in Bitcoin and consorts and is keeping a very open mind towards this new form of transacting value.

All things considered, these steps sound like a smart decision. Realizing them will be a different matter, though, despite the government’s being on board with the fintech part. They want to introduce a new “fintech license,” though, which would give startups this “special” status. It remains uncertain, however, what this license would entail exactly.

Switzerland is warming up to Bitcoin and fintech as of late. Several changes have been proposed, including a redefining of corporate governance rules for Swiss banks, as well as a streamlining of the regulatory framework. Things are looking positive, and it may only be a matter of time until Bitcoin gains mainstream status in the country.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

OKX Wallet Sees Whales Massive Moves; More on Plus Wallet & Coinbase  

Plus Wallet Impresses with its Speedy 15-Min Token Listings While Coinbase Unveils AI Tool &…

17 mins ago

100% Bonus with BlockDAG! Ethereum Eyes Breakout, Sui Plans To Expand

BlockDAG Rolls Out Limited Time 100% Bonus For Community While Ethereum Price Looks Bullish &…

1 hour ago

Best Crypto Wallets 2024: Top Choices for Security & Rewards

The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…

2 hours ago

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

9 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

19 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

19 hours ago