Crypto Regulation considered by Chilean President

Mario Marcel has noted in favor of developing a regulatory apparatus: evident openness to crypto regulating contrasts the recent banking embargo
23 May 2018   790

President Marcel at a forum recently kept by Chile’s Finance Commission of Deputies, made comments displaying that his administration is considering developing an apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Cryptocurrencies are entirely unregulated in Chile, and are not legally admitted as a means of exchange or securities. Mr. Marcel claimed in favor of developing an effective ways through which to monitor the cryptocurrency markets:

Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks. These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.
Mario Marcel
President, Chile

By contrast, President Marcel declared that developing an ad hoc regulatory apparatus may risk supplying a false “sense of security” whilst flawed to sefficient  manage associated risks. Nevertheless, Mr. Marcel still questioned whether or not a regulatory framework for virtual currencies is warranted in Chile, affirming:  “Considering that these assets exist in the country, there is an associated industry and people who own them, it is questionable if it would be appropriate to change this situation.”

The apparent openness on the part of the Chilean administration to developing a regulatory apparatus for cryptocurrencies comprises a significant a departure from the recent banking embargo experienced in Chile.

Xapo to Move from Hong Kong to Switzerland

According to Ted Rogers, Xapo president, Switzerland is the best place for crypto companies
23 January 2019   78

The well-known cryptocurrency company Xapo has decided to move the majority of units from Hong Kong to the Swiss “Cryptowalley”, BitcoinExchangeGuide reports.

The main structures of Xapo have worked in Hong Kong for several years. Nevertheless, the company is convinced that Switzerland has a more friendly legal infrastructure in relation to cryptocurrencies. This, Xapo believes, will enable the company to improve the quality of services and better comply with regulatory requirements.

It was one thought that Hong Kong was the holy grail of crypto regulations. But it has become more opaque. It’s a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets. 

Ted Rogers

President, Xapo

Also, according to him, Switzerland is the best place to create cryptocurrency and blockchain companies.

Currently, Xapo has about 250 employees. At the same time, only 10 of them work in Zug.