Blockchain technology is at the receiving end in Switzerland with its rapid acceptance and adoption in the mainstream business verticals. Swiss government is playing a pioneering role in the enhancement and development of the blockchain ecosystem there. The government, firms, entrepreneurs and startups are continuously involved with each other for the knowledge transfer between them.
Switzerland is a really exceptional place of blockchain development with the latest addition of offering fintech license to the blockchain firms by Switzerland’s financial regulator The Swiss Financial Market Supervisory Authority (FINMA). The license will facilitate the holder to take 100 million Swiss Francs from the public. The firms have to comply with certain rules which will decide their ability to qualify for the license such as business and finance planning for next three years, entire business description, conflicts of interest, and information on stored funds and direct/indirect holding of participants with more than five percent.
The projects have to be presented before FINMA and the deciding authorities. Another crucial factor for their qualification is that the applicant platforms must be holding a bare minimum described capital requirement as mentioned by FINMA. Switzerland indeed has been popular for its tourism, cheese and chocolate in the past but probably this is going to be the best-preferred place for blockchain technology enthusiasts who are willing to invest in this industry.
Why Switzerland Prefers Blockchain Technology
According to Live Trading News, Federal Councilor and Minister of Finance Ueli Maurer believes that blockchain applications will be everywhere in the world in the coming years. In his opinion, Switzerland is one of the aptest locations for the development of blockchain technology.
The Federal Councilor also informs that there is no need for any special regulation for the introduction of blockchain in the Swiss market. They only need to amend some existing laws to bring in this future technology.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]