Switzerland and Israel have decided to share their experience in regulating the blockchain industry, Reuters reports on Monday 17 September, citing high-level officials from both countries.
Swiss Finance Minister Ueli Maurer and Undersecretary of State for International Financial Affairs Joerg Gasser recently visited Israel to officially request access to local markets for Swiss banks.
As Gasser told Reuters, by the end of 2018 he plans to prepare a report on blockchain regulation for Israeli officials that would outline general recommendations. It is expected that these notes will be approved by the Israeli parliament in 2019 and enter into force by 2020.
Reuters was not able to get a detailed comment from Israeli officials. However, the Ministry of Finance stated in a statement that both countries had agreed to share the notes on the fintech regulation, including the cryptocurrency guidelines and the fight against money laundering.
As reported previously by Cointelegraph, Israel has a number of projects that use blockchain technology in one or another capacity. Selva Ozelli, an international tax attorney and certified public accountant (CPA), examined local blockchain initiatives as an open government platform for elections, a blockchain-based drone register and a national cryptocurrency.
Switzerland is actively adapting its current legislation to integrate blockchain projects into daily life. As part of these efforts, the country has set up a so-called Crypto valley, located in the canton of Zug, where several blockchain solutions are being developed.
In July, Zug held his first blockchain vote with the help of local technology companies to assess whether technology could be used at a higher level of governance. The citizens voted on municipal projects and the test was declared a success despite the low turnout.
Furthermore, Switzerland actively promotes blockchain and cryptocurrency startups. In June, Hypothekarbank Lenzburg became the first bank in the country to offer commercial accounts for these companies. As reported by Cointelegraph in July, since then many other Swiss banks have also opened their business to encrypted companies.