New Swiss Organization to push Blockchain Use in Finance

A new blockchain association has been established in Switzerland in order to simplify  the use of blockchain technology in the financial market
12 June 2018   435

The Capital Markets and Technology Association (CMTA) is based in Geneva. It was created by Switzerland’s biggest law company in conjunction with Swissquote Bank and banking software provider Temenos. As claimed in the official press release, it is to construct tools to help instituted and new businesses to integrate blockchain technology into their operations in correspondance to open national standard, which it will also set.

It is a non-profit and non-governmental organisation and will thus be able to operate  in an independent manner. It was stated at the Ecole polytechnique fédérale de Lausanne, that is a study institute and university located in Lausanne, and the dean of of the university’s School of Computer and Communication Sciences will be joining the committee.

Gland-headquartered Swissquote Bank is a banking group that promotes online financial and trading services. It has offices outside of Switzerland - in Dubai, Malta, London and Hong Kong. Geneva-based Temenos was instituted in 1993 and offers banking software to thousands of world financial institutions. It purchased British trading technology supplier Fidessa Group for $1.96 billion in February 2018. Temenos was also voted Best Islamic Banking and Finance Software Solution at the World Islamic Finance Awards in March 2018.

Lenz & Staehelin, placed in Zurich, was created by a merger of two smaller laws companies in 1991 and has around 200 lawyers on its roster. The CMTA will be headed by Jacques Iffland, partner at Lenz & Staehelin. 

The blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for start-ups. The current lack of legal certainty is slowing - and potentially compromising - its development in this field. By defining a set of industry-supported, open standards, the CMTA aims to facilitate access to funding for businesses, ultimately contributing to value creation throughout the economy.
Jacques Iffland
Partner, Lenz & Staehelin

Crypto Valley Association placed in Switzerland is a blockchain-friendly area in the city of Zug that is home to such famous firms as Ethereum and which has adopted Bitcoin as a payment method since 2016. It is aimed to conduct test elections using blockchain technology for the first time later this month.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   92

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.