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Switzerland Bitcoin Regulation will arrive next year

Switzerland Bitcoin Regulation might arrive next year.

Recently its national railway service “have jumped on the bitcoin bandwagon”, as explained by Coindesk, so now it’s time for Switzerland to start regulating fintech and digital currency.

A few days after the Swiss railway-related announcement, as SBB decided to sell bitcoin through its network of ticket kiosks – the Federal Department of Finance (FDF) announced its plans to regulate fintech with the goal of introducing a new regulation next year.

Key elements include plans for a new kind of license geared specifically toward fintech companies and a so-called regulatory “sandbox” for experimental firms. Under the proposed regime, the Financial Market Supervisory Authority would become the primary regulator of fintech firms working in Switzerland.

In a press release, the FDF explained that it will guide more researches about bitcoin and other digital currencies and it will study the distributed ledger broader applications .

The company explained:

“The FDF should conduct additional clarifications in cooperation with the interested authorities on reducing further barriers to market entry for fintech firms, also those outside financial market law (e.g. legal treatment of virtual currencies and assets).”

During a recent speech, Ueli Maurer, Swiss Finance Minister, commented that the proposed Switzerland Bitcoin regulation would help to attract more brands – even if the nation positive attitude has already attracted the attention of several blockchain-related startups to make their home in the country.

“We assume that with the steps we have prepared and the commitment we have to the overall financial services industry we can provide a solution that puts us among the top (countries) in the world that regulate this,” he explained.

Read more here about the Switzerland involvement in the fintech sector. 

<img src="/images/SwitzerlandBitcoinRegulation.jpg" alt="Switzerland Bitcoin Regulation" height="264" width="350" />

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Amelia Tomasicchio

Switzerland to accept Bitcoin for Public Services

Zug to accept Bitcoin

Zug, city ubicated in Switzerland, announced it will accept bitcoin payments for public services. 
This is a pilot project to test the efficiency of the digital currency. This test will start on July 1st and will continue for the whole year.
Zug was probably chosen because it is the Swiss financial centre that has a good reputation for its low taxes. 
This project appeared on the official website of Zug. Here the initiative is described as a way to test the bitcoin use for public obligations that cost 200 francs, or almost 0.44 BTC at the moment. 
An official press release of this Switzerland city comments:
“The pilot project of the city government is initially limited to 200 francs on chargeable services the residents of the city train. The end of 2016 we will conduct an analysis of lessons learned. Then…the city council will decide if bitcoins and most other digital currencies are to be accepted as payment for other urban services in the future.”

Will this idea succeed?

This idea is not so new, as several cities and states have tested this method of payment during the last years, but it didn’t succeed. 
Also, it is important to remember that Switzerland has lots of startups in its country: for example Xapo, ShapeShift and Monetas are located in Zug. 

The city mayor is very upbeat 

The city mayor Dolfi Müller commented in a post:
“We want to express our openness to new technologies and expressed early on your own experiences. And we will invite to exchange ideas with the City Council FinTech companies in the region train. Our goal is to meet their needs for optimal development in our living and economic environment in more detail.”

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Amelia Tomasicchio