Switzerland And Israel Regulators To Collaborate In Sharing Blockchain Knowledge For Crypto Laws

Switzerland has been making progress on their technological advancements with blockchain, but they have realized that their current knowledge is not enough to sustain ongoing improvements. In a decision to support their government’s needs, Minister of Finance Ueli Maurer and State Secretary for International Financial Matters Joerg Gasser decided to visit Israel. Since Israel is known for their progress so far, Switzerland’s officials made an official request to gain access to the local markets to benefit Swiss banks. This decision was announced in a report on September 17th.

When Gasser spoke with Reuters, he said that he would be creating some general recommendations for Israeli officials on their blockchain regulations. Based on the current performance with the authorities, he believes that the Israeli parliament will approve the notes no later than the end of 2019. However, putting them into effect will not likely happen until 2020.

So far, Israeli officials have yet to provide a comment to Reuters. Still, both countries have already agreed to share their notes on progress with the fintech regulation, according to the Ministry of Finance. This note-sharing arrangement includes details on crypto guidelines and money laundering.

Right now, there are many different Israeli projects in the works with blockchain technology to some degree. The local blockchain initiatives have been reviewed, so far, by international tax attorney and CPA Selva Ozelli. Some of the initiatives have included a blockchain-based drone registry, establishing a national cryptocurrency, and developing an open government platform for elections.

In Switzerland, the regulators are working hard to adjust the present legislation to make it possible to use these blockchain projects in day-to-day operations. That is the reason for Switzerland’s new Crypto Valley, which is a place in the canton of Zug that provides the necessary environment for blockchain solution development.

In July, local tech companies worked with Zug to host blockchain-based voting. The purpose was to discover if the technology was adaptable to higher governance levels. The test was ultimately successful, after allowing citizens to vote. However, the turnout was not very high, which is another factor that the country will need to consider during the adaption.

Switzerland is working to promote blockchain and cryptocurrency startups in their region as they expand. The first bank in the country that offers business accounts to these types of platforms, Hypothekarbank Lenzburg, did not happen until June. Since July, other Swiss banks have also opened their doors to these startups.

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