The Swiss Bankers Association Issues New Guidelines to Increase Support for Blockchain Tech Start-ups
The Swiss Cryptocurrency community will now be able to increase blockchain activities following the new guidelines issued by the Swiss Bankers Association (SBA). A non-profit organization going by the name ‘Crypto Valley Association (CVA)’ passed this information down to the members as the Swiss blockchain developments prepare to take off. According to the new guidelines by SBA, the members made it clear to be more welcoming to Swiss based blockchain projects going forward.
This guideline created by pulled efforts from the Crypto Valley Association, SBA & other stake holders specifically distinguished between ICO & non-ICO blockchain start-ups. The suggestions were that blockchain-oriented firms that start without issuing Initial Coin Offerings should be given the same treatment as Small Medium Enterprises (SMEs).
Furthermore, it was noted that a documented clarification on crypto & fiat based ICOs was necessary given the high growth rate in cryptocurrencies. Both the Swiss Financial Market Supervisory Authority & Federal Department of Finance has accepted these new guidelines.
Crypto Valley Association’s President, Oliver Bussmann is positive on this working relationship
“We have seen a lot of positive growth in the ecosystem over the past 18 months and now it was very important that the SBA and CVA could come together and work on a solution that can ease some of the restrictions that could hamper the continuation of that growth.”
Bussmann was supported by the CVA Regulatory Group Chair, Dr. Mattia Rattaggi
“This guide is an important and timely contribution. As a multi-stakeholder organization, it was important for us at the CVA to bring a diverse range of perspectives and expertise to the table for the development of these guidelines and we hope that it will benefit the healthy advancement of the crypto and blockchain industry in Switzerland.”