Meet Bitcoin Suisse – the pioneer of Switzerland’s “Crypto Valley” and a company that went viral in the latest cryptocurrency news for a new initiative. As the news show, the Swiss crypto broker has apparently taken anticipatory steps to comply with a “maturing” regulatory environment.
As the firm announced on Tuesday, it has applied for a banking license with the Swiss Financial Markets Supervision Authority (FINMA) as well as the security dealer’s license, mandated by the Stock Exchange and Securities Trading Act (SESTA). In the past, the financial authorities at the Swiss Federal Council noted that blockchain and distributed ledger technologies (DLT) will be governed by the existing regulatory schemes.
However, a representative from the Swiss crypto broker noted:
“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”
The announcement is hot in the altcoin news – where the company said that the preemptive licenses will expand the number of regulated services and products it can offer – as “more and more crypto assets and services fall under securities and banking law.”
Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc.
In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland.
This is not to say that Swiss regulations are overly burdensome.
“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.
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"They have to now set up a new legal entity since January 1 has passed," explains Philipp Sandner, who is a professor at the Frankfurt School Blockchain Center. "But this new legal entity would be illegal for custody, trading and issuing."The new laws show that Germany increases costs and that all companies founded after January 1 will need a BaFin license to offer these services. Meanwhile, the companies founded before January 1, 2020 will benefit from 'grandfathering' until November 2020.The cost of acquiring a BaFin license could be prohibitive for new startups, both Sandner and one lawyer explained.
"For companies (be it startups or larger companies such as banks), the license induces costs of approx. USD 250,000," they say. "Not every startup will be able to bear these costs. The small startups might be driven out of the market; the larger ones and the incumbents will probably apply for the license."As Germany increases costs for crypto firms, many wonder why is this the case. The truth is, the government is sought to introduce a law which might end up driving startups "out of the market" as experts noted.Both experts noted that the government had the opposite intention in mind and wants to encourage mainstream adoption of cryptocurrency and blockchain technology, rather than leaving these sectors open for unregulated firms. However, the costs at this point are big for many crypto firms which is why the crypto climate in Germany is not that good.Meanwhile, the latest Bitcoin price news show that the cryptocurrency has fallen by 6% due to the situation in China.
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- Whether or not an investment contract is being offered in a securities transaction
- Whether an investment contract is a commodity which can be sold in a traditional commercial transaction
“If a developer team retains certain assets and sells it to investors, it falls into the definition of security. I think that the U.S. legislation must be shaped to take into regard emerging technologies and new business models that hadn’t been present not only in the days of SEC creation but also during the judicial battles on security definitions.”The crypto industry has been witnessing an enormous amount of interest around stablecoins, a digital offering which presents users with all of the various advantages of cryptocurrencies all while having their values pegged to a stable fiat asset such as the US dollar, the Euro and others.
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CEO Of Telegram Thinks Apple’s iCloud Is Now “A Surveillance Tool”
“iCloud is now officially a surveillance tool. Apps that are relying on it to store your private messages (such as WhatsApp) are part of the problem.”Durov's post refers to a report which claims that Apple dropped its long-running plans to allow iPhone users to encrypt backups of their devices in the iCloud. As Reuters also reported, the tech giant has given up its end-to-end encryption plans following the FBI's report on it in which they said that such a feature would harm investigators.The report is viral in the crypto news now and cites even six anonymous sources, noting that Apple had to drop its plans two years ago but the issue has not been reported previously. Even though Apple shifted its focus to protecting some of the "most sensitive user information" such as saved passwords, backed-up texts from apps like WhatsApp or iMessage remain available to many employees and authorities in the tech firm, Reuters wrote.All of this comes after the US President, Donald Trump, bashed Apple in a tweet in which he argued that the company “refuses to unlock phones used by killers, drug dealers and other violent criminal elements."https://twitter.com/realDonaldTrump/status/1217228960964038658?s=20The CEO of Telegram Durov wants all of this to be understood by the public. As we already saw, the company wants to position itself as a global fighter for privacy and directly oppose tech giants such as Facebook and Google. Durov's claims reinforce the company's focus on ensuring "real privacy."Launched in 2013, Telegram is a cloud-based messaging app which strives to provide secure encryption and protect more users from third parties like marketers, advertisers and officials.
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