Only those countries that do will move ahead, it is being said. Switzerland, has long been home to a robust financial services industry, and now it wants to amp up its crypto credentials too.
The country has been making serious efforts to capitalize on the trend.
It now wants to set up a powerful domestic cryptocurrency industry, and has been made a number of moves to entice confidence among the crypto community amid the booming investor enthusiasm for cryptocurrencies.
Switzerland wants to strengthen its financial reputation by becoming a hub for this new subsector of fintech. With investor money pouring into these digital currencies and initial coin offerings, the country has made a couple of new developments.
In a bid to ramp up its attractiveness for cryptocurrency players even further.
The Swiss government has set up a Blockchain Taskforce that is tasked to establish a clear-cut framework for companies using the technology. Led by the country’s finance, economic, and education ministers, the group will review blockchain guidelines.
Which have been issued in partnership with the State Secretariat for International Financial Matters, a federal agency that enforces financial market policy.
Blockchain is, of course, the nascent technology that serves as the base of most cryptocurrencies, including Bitcoin.
Anyway, the Blockchain Taskforce will create a framework that will give companies using blockchain technology, or those that are working specifically with cryptocurrencies, the freedom to innovate, while reducing risk in the sector.
When taken with the fact that legislation in most countries comes with many gray areas for blockchain and cryptocurrency players, this clarity is something that will make Switzerland even more attractive for these companies.
Along with that, a government-backed nonprofit has published a code of conduct for ICO conductors. Interestingly name Crypto Valley Association (CVA), this Swiss nonprofit aims to bolster the blockchain and cryptocurrency industries in the country by publishing a code of conduct.
For companies that issue ICOs.
Among other things, the document asks ICO operators to tell how money raise in a token sale will be used, how the token in question works, and the associated risks — all in a language that is easily understandable by people that are not tech savvy.
The code’s purpose is likely to be more pragmatic, but the CVA nevertheless places a lot of emphasis on investor protection.
This has all the probability to bring in more money through ICOs into the country, this increased stability and transparency. And will, in all likelihood, make these initial coin offerings more appealing to a wider swathe of the public, at a time when ICOs are flying left and right.
And the best part is that, besides benefiting Switzerland, these initiatives could have more international advantages.
The chaotic crypto space needs a lot of regulator clarity and transparency, more so at this booming a stage. And this Swiss approach to things could very well become a model for regulators in other countries on how to oversee it.
Good going, Switzerland, good going.