Switzerland Launches Blockchain Task Force

The main task of the task force is to watch the legal guidelines of ICOs and blockchain companies 
10 January 2018   2369

The Swiss government has announced the creation of a new group to strengthen its regulatory framework related to blockchain startups and ICOs.

Blockchain task force includes both federal and local officials, as well as members of various blockchain startups and legal representatives and spearheaded by Finance Minister Ueli Mausrer and Economics and Education Minister Johann Schneider-Ammann.

The main task of the group is to watch the legal guidelines of ICOs and blockchain companies, while working with the State Secretariat for International Financial Matters — the federal body responsible for implementing financial market policy and representing the government's financial interests across borders.

Blockchain is becoming more important as a technology for many industries, not just crypto finance. What is needed is liberal regulation, which opens opportunities for Switzerland's position while at the same time reducing risks.

 

Johann Schneider-Ammann

Head of the Department of Economic Affairs, Education and Research

The first meeting of the Blockchain task force will take part on January 12, 2018.

Recently, we have reported that Swiss private bank Falcon is going to offer to its clients a compliant process for investing wealth generated from trading in cryptocurrencies.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   35

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.