Switzerland and Israel to Exchange Blockchain Regulatory Experience

Switzerland one of the most famous country for nurturing crypto and blockchain technology and the nation of the renowned crypto valley Zug has decided to share their knowledge and experience on regulating the blockchain industry with Israel. Both the nation’s high-ranking officials shared that both nations should exchange their experience on the blockchain technology so they can see a brighter future.

Finance Minister of Switzerland, Ueli Maurer and Joerg Gasser State Secretary for International Financial Matters recently attended Israel to authorise access to the regional markets for Swiss banks.

Gasser announced, by the end of 2018, they plan to provide general recommendations for the Israeli officials via a report on the Blockchain regulations. He also expects that the Israeli parliament might approve the shared notes by 2019 and go into effect by 2020.

There has not been much talk from the Israeli officials, however, the Ministry of Finance has said in a statement that both countries had agreed to share notes on fintech regulation, including guidelines on cryptocurrencies and combating money laundering.

Israel has already had many projects based on blockchain technology. A certified public accountant (CPA) and an international tax attorney, Selva Ozelli, reviewed local blockchain leadership such as an open government platform for elections, a blockchain-based drone registry and a national cryptocurrency.

Zug also globally-famous as the crypto valley in Switzerland has been a hub for the development of solution related to the blockchain issues. The nation is actively evaluating its current regulating laws to furnish the blockchain projects in daily life, and the focus on Crypto-valley is an effort in that direction.

In July, Zug moved a bit further to test if the technology could be used at an essential level by using the blockchain-based technology with the help of regional tech companies. The test was successful, and the citizens voted on municipal projects.

Also, Switzerland is continuously promoting blockchain-based business ideas and startups to grow. In June, Hypothekarbank Lenzburg offered business accounts to such startups and became the first of its kind to do so.