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.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
Join us on Facebook
- Binance Plans To Expand To Eight New Countries But Declines To Confirm Six Of Them
- Deloitte Features Blockchain In Its Annual Tech Trends Report
- Crypto Payments Platform CoinGate Begins Its Lighting Network Trial With Litecoin (LTC)
- The $400bn Tencent And Its Plans To Acquire Two Major Bitcoin Exchanges
- Bitcoin Could Soon Fall To $2,400 And Wall Street Could Buy The Dip
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News4 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams4 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Altcoin News2 days ago
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Bitcoin News4 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid
Altcoin News2 days ago
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
Blockchain News4 days ago
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
Blockchain News1 day ago
$1 Billion In Transactions Reported For 2018 By BitPay