In our latest cryptocurrency news, we are giving a full answer to the question ‘What makes Switzerland one of the best countries for crypto investors and businesses?’ with detailed notes on the crypto laws and regulation in this country.
For those of you who did not know, cryptocurrencies and exchanges are legal in the country. In fact, the country adopted a remarkably progressive stance towards cryptocurrency regulations. As the Swiss Federal Tax Administration (SFTA) shows, cryptocurrencies are seen as assets in this country: they are subject to the Swiss wealth tax and must be declared on annual tax returns.
When it comes to exchanges, the crypto laws in Switzerland show that the country imposes a registration process on cryptocurrency exchanges – they must obtain a license from the Swiss Financial Market Supervisory Authority(FINMA) in order to operate. When it comes to ICOs, there are regulations in place for them too – February 2018, FINMA published a set of guidelines for initial coin offerings across a range of areas. The areas included ICOs present in banking, securities, collective investment schemes and many others.
In the future, Switzerland is seen to have even better crypto laws. The country’s government has indicated that it will continue to work towards a regulatory environment which is very friendly to cryptocurrencies.
One of the hotspots of this industry and crypto laws in Switzerland is the town of Zug. As many best cryptocurrency news sites reported, this town introduced Bitcoin as a way of paying city fees – making it the first initiative of that kind. In January 2018, the Swiss Economics Minister Johann Schneider-Ammann said that he was aiming to make Switzerland a “crypto nation.”
Meanwhile, the Swiss Secretary for International Finance, Jorg Gasser, has emphasized a clear need to promote cryptocurrencies and build crypto laws which do not compromise the existing financial standards.
All of this makes Switzerland a heaven for crypto laws – and one of the pioneering countries with such initiatives. The most important part is that this country is seen as one of the most financially stable countries in the world – hence the importance of such crypto laws in the European market.
US Federal Reserve Will Print And Inject $425 Billion This New Year
“The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released the schedule of repurchase agreement (repo) operations for the monthly period from December 13, 2019 through January 14, 2020,” the statement from the US Federal Reserve reads.As it continues, the Fed confirms the following:
"In accordance with the most recent FOMC directive, the Desk will conduct repo operations to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures around year end that could adversely affect policy implementation.”Right now, repo offerings by the US Federal Reserve are scheduled to be set in place on December 31 and January 2 with a valuation of $150 billion. By the January 14 deadline, the minimum that the Fed expects to generate is $425 billion as per the report.Even though moves like these are common, they are certainly involving conjuring vast new liquidity based on zero backing which is basically money printing without the physical printing of any money. This is why critics have long hailed the policy as an example of the failure of central banks to "manage" their economies.One Bitcoin news advocate known as Rhythm recently commented on the news about the US Federal Reserve printing and injecting $425 billion and said that the amount is over three times the size of Bitcoin's market cap. Ironically, he said that "everything is fine" but did not mean that.https://twitter.com/Rhythmtrader/status/1205612768709222401Meanwhile, recent reports showed that the US national debt is now at $23 trillion since November, which is around $12 million for every Bitcoin that will ever exist.
New European Regulations Force BTC Service Bottle To Shut Down
Lagarde Suggests ECB Has To Set Objectives For Digital Currencies
‘’Are we trying to reduce costs? Are we trying to cut out the middleman? Are we trying to have inclusive finance at no cost? There is a whole range of objectives that can be pursued.’’Lagarde admitted to the increased demand for stablecoins ignoring Bitcoin and referred to the interest shown by the Canadian and British counterparts as well:
‘’My personal conviction is that given developments we see, not so much in bitcoin but in stablecoins projects… we’d better be ahead of the curve because there is clearly demand out there that we have to respond to.’’Last month, the bank was thinking about launching a digital currency and the proposal was a part of the new draft that seeks to ban the high-risk crypto projects. At that time, a target for ECB was Libra and the global digital currency projects developed by some entities such as Facebook which have been repeatedly criticized by European leaders. With a digital currency that will be parallel to the euro, the consumers will have a cheaper means of payment option and this will also have a huge impact on the bank’s fiscal policy. The Central bank will also be able to inject funds into the economy to achieve inflation targets which the ECB left unchanged so far.
SEC Charges Shopin Founder For Its ‘Fraudulent’ $42 Million ICO
“As alleged in today’s action, the SEC seeks to hold Eyal and Shopin responsible for scamming innocent investors with false claims about relationships and contracts they had secured in support of a blockchain-based universal shopper profile [...] Retail investors considering an investment in a digital asset that meets the definition of a security must be afforded the same truthful disclosures as in any traditional securities offering."Furthermore, he also told the public that Eyal lied about having forged partnerships with established retail outlets when in fact no such partnerships existed. The SEC also claims that Eyal misappropriated investor funds to pay for personal expenses. The SEC charges Shopin for this and the complaint clearly states:
“Eyal used over $500,000 of investor funds for expenses such as his rent, retail shopping, entertainment, tickets to philanthropic events, and a dating service, but omitted to disclose to investors that he would use any proceeds for his own benefit.”The official charges show that Shopin was violating the anti-fraud and registration provisions of the federal securities laws. For that, it is seeking injunctive relief, disgorgement with prejudgment interest as well as civil money penalties.
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