Switzerland And Israel Agree To Share Experience On Regulating The Blockchain Industry

Both of these crypto advanced countries decided to share their experience on how to regulate the blockchain industry.

The Minister of Finance of Switzerland, Ueli Maurer and the Secretary of State for International Financial Matters Joerg Gasser, reportedly visited Israel and requested access to the local markets for the Swiss banks.

Gasser said that by the end of 2018 he is working on a plan to create a way to regulate the blockchain technology for the Israeli officials that would also give broad recommendations. He also hopes that these plans will be approved by the Israeli officials in 2019. There is still no information from the Israeli officials. The Ministry of Finance also said that both of these countries agreed to share some notes on fintech regulation and some guidelines on preventing crypto money laundering.

Israel is working on a number of projects that use the blockchain technology. An international tax attorney reviewed local blockchain initiatives as open government platforms for future elections and also a possibility for a future national cryptocurrency. On the other hand, Switzerland is working on further legislation to integrate blockchain projects in everyday life. The country also opened its first Crypto Valley where many different blockchain ideas and solutions are developing constantly.

Switzerland also promotes blockchain startups. There was the first bank in the country opened to provide accounts for business companies. A lot of Swiss banks also opened up their businesses to crypto-related companies since. In July, the first blockchain-based voting was held in Zug to evaluate whether this technology can be used for other ways of governance.