svizzera-leggi-finanziarie

Switzerland wants to insert the crypto in the existing financial laws

Autonomous and independent, Switzerland already has a decentralized administration without the need for a blokchain, and now it wants to insert cryptocurrencies into the existing financial laws

Switzerland, the “cryptostate”

Switzerland is currently the first country in Europe regarding cryptocurrencies and blockchain, it’s in fact the European country that offers best conditions to operate in this new IT field

It is the first in a ranking of 48 countries in front of Gibraltar and Malta, thanks to the regulations on ICOs, cryptocurrencies and blockchain

Did you know that Switzerland has allowed the first digital identity registration based on the Ethereum blockchain?

It was in fact possible for the first time to pay for public services and taxes, in the city of Zug, famous for being the headquarters of Ethereum

In the Swiss confederation there already are two associations linked to blockchain and cryptocurrencies, the Blockchain Society and the Cryptovalley Association

Blockchain Society is a network born in the student environment, which wants to make Switzerland develop a Blockchain ecosystem

The students that compose it come from different study fields, all of them have in common the passion for cryptocurrencies, and blockchain technology

Criptovalley Association is an association supported by the government but completely independent, it has the aim to build an ecosystem based on cryptography, and on the blockchain technology in Switzerland

It connects the startups operating in the blockchain and in cryptocurrencies, with already consolidated companies

The Swiss tax and Bitcoin

In 2013 the Swiss government decided to pursue the nascent phenomenon of cryptocurrencies

In the next year, the federal government affirmed that transactions with cryptocurrencies would have to follow the same regulations in force for flat currencies

The procedures for identifying KYC ( Know Your Customer) and AML ( anti money laundering) clients would be the same

From the very beginning, Switzerland considered cryptocurrency on par with traditional coins

In 2018 the Municipality of Chiasso has decided to accept local tax payments with Bitcoins, the only limit being the amount of the payment, which can’t exceed 250 Swiss francs

The same payment can be made in the Alpine city of Zugo, already a destination for many cryptocurrency entrepreneurs; here the tax payment limit drops to 200 francs

This revolutionary initiative, immediately resulted in the start of eight start-ups in the border town

Anti money laundering and cryptocurrency laws

The Swiss law on money laundering has set obligations for financial intermediaries

The decentralized and anonymous form of blockchain, in fact, increases the risks regarding money laundering

FINMA and token issuing

The Swiss Financial Market Supervisory Authority (FINMA), in January 2018, issued guidelines on operators wishing to start an ICO (Initial Coin Offering)

The document outlines guidelines, which classify Tokens for the first time in three distinct categories:

Authorization or use token, these are tokens that have the purpose of providing access to a digital service or a specific use

-Investment Tokens, they’re tokens that represent assets, company shares (revenues, dividends, interest payment)

Here the token is compared to a bond or an action

-Cryptocurrency Token, in this case the token is considered as a cryptocurrency, they are not connected to a precise project, and they become payment methods after some time

 

 

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This post is also available in: Italian

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