As the business of Cryptocurrency continues to accelerate, many governments seem to be in support of it. Nonetheless, a majority of them are seeking to lay out meaningful, established, and well-tested regulations to run the business. This follows intense pressure from different sources, which are demanding regulatory systems. Among the many countries, which have adhered to these demands are Switzerland and Israel.
The two have agreed to work together to strengthen each other’s ability to sustain the blockchain and Cryptocurrency industry. A report by Reuters has it that the duo’s collaboration will result in technological advancements and enhancement of the ongoing improvements. The report outlines that Switzerland has a higher capability of achieving all these, thus it will support give Israel full support.
Switzerland has long been at the forefront of blockchain innovation
The regulatory climate in Switzerland is incredible. Besides, it is where a small Alpine town turned blockchain hub is located. Additional reports have it that the Swiss government has put in massive investment in creating local blockchain initiatives, which have continued to support both local and international projects. Nonetheless, the regulators are still working on adjusting and making better the present regulations.
That said, Switzerland has opened doors to global startups and researchers to tap into its innovation and experience in creating their blockchain-friendly regulation. The Swiss Minister for Finance Ueli Maurer has been to Israel in an effort to gain access to Israeli markets for Swiss banks.
Will the Israel authorities approve any blockchain regulations?
There is a high likelihood that the authorities will support Maurer in discovering workable blockchain regulations. Despite being a major tech hub, Israel is also longing to adapt into being a blockchain friendly nation. Thus it is advisable that it draws outlaws related to crypto taxation.
The State Secretary for International Financial Matters Joerg Gasser who was in Israel alongside Maurer will prepare some general recommendations and regulations for approval by the Israeli officials. Both Switzerland and Israel have agreed to share notes which include details on crypto guidelines.
Nonetheless, the notes may not get any approval until the end of 2019 before a possible implementation in 2020.