According to a report based on the blockchain working group that conducted analysis, the blockchain was adopted by the head of state and the Swiss government. In the latest crypto news, we take a look at the Swiss blockchain legal framework.
Along with the plenty of the things that the report concludes, the legal framework of Switzerland will only make selective adjustments for how the blockchain technology is used and will not make any fundamental adjustments.
The Federal Council currently cannot find any fundamental issues regarding the financial market law especially the DLT based applications and the market is generally technology-neutral.
The adjustments that were mentioned are mostly targeted towards banking law, civil law and anti-money laundering law. According to the Federal Council, the legal certainty of transferring rights via digital registers must be increased.
Also, the Federal Council called for a flexible authorization category mostly focusing on the blockchain-based infrastructures on the market to be devised. The government body noted:
‘’Such challenges exist namely in the areas of trading tokens via central trading platforms and in the application of financial market law to decentralized financial market “infrastructures” … Hence, it seems more expedient to address the challenges in financial market infrastructure law that are specific to blockchain/DLT applications by means of specific amendments (instead of a regulatory carve-out).’’
The governing body proposed other adjustments in insolvency law calling for segregation of cryptocurrencies and digital assets saying that it is ‘’necessary to provide for unambiguous rules regarding the segregation of crypto-based assets from the bankrupt’s estate by analogy to the owner’s right to segregation under current law.’’
Other areas where adjustments were proposed include the anti-money laundering law were trading platforms should be more subjected to the country’s Anti-money Laundering Act.
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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.
AML Chief: Crypto Companies Filed 7,100 Suspicious Activity Reports
“It is encouraging that CVC entities, dozens of whom had never filed a SAR report prior to the May advisory, are using the red flags and reporting suspicious activity back to us.’’Venezuela is one particular case where it seems that a hotbed of suspicious activity is forming according to Blanco. The Latin American country has its own oil-backed token- The Petro, and it seems that it has spawned an increasing number of the unregistered money services businesses. The country is having a lot of issues with the high inflation and Petro was the tool that was supposed to help the country.Domestically, the crypto-related companies reported more darknet-linked customer transactions and scams along with a lot of activities that targeted the elderly who have limited knowledge about cryptocurrency and therefore are opened to risks. Blanco explained that all of the financial institutions have to re-consider the crypto SAR reporting especially those who currently don’t report any activities. He said:
“If the answer is no, they need to reevaluate whether their institutions are exposed to cryptocurrency.’’The remarks came as the crypto exchange and analysts firms both boost their efforts to expand suspicious activity reporting. As it was reported by Forbes, there was a noticeable existence of the confidential indicators of suspicion for Virtual asset service providers and also a playbook for easily picking out the suspicious activity assembled by the stakeholders themselves.
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