The Swiss Federal Council continues watch developments around blockchain & DLT closely


 The Swiss are seen to be very crypto-friendly after all it is where the Libra stablecoin will be regulated and set up.

During a meeting held today the Swiss Federal Council was informed about the current opportunities and issues associated with stablecoins and cryptos.

The main points mentioned the Libra, which is to be overseen by the Geneva-based Libra Association. Due to the stablecoin being backed by a basket of currencies, the volatility should be limited, the Federal Council noted.

FINMA then went on to explain that in Switzerland, such a massive project would fall under financial market infrastructure regulation. The project would require a payment system licence from FINMA, on the basis of the Financial Market Infrastructure Act (FMIA).

Also, another issue may be the Principles for Financial Market Infrastructures (PFMI). These requirements also apply to the management of cyber risks Lastly, also there is a Swiss payment system that is automatically subject to the Anti-Money Laundering Act.

So although Switzerland is open to Libra this shows that there is still some work to be done in the area of stablecoins. It will be hard to regulate stablecoins that are decentralized but anything set up in Switzerland will need the proper regulation.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: 100x growth in next 9 years?

BTCC head Bobby Lee waits for Bitcoin for $1 million in 9 years due to the unwise policy of central banks, as well as due to demand on "digital gold". But this is then, and for now, Bitcoin is unable to hold even above $9K.

More Bitcoin News

Litecoin (LTC) locked in a range amid low market activity

Litecoin (LTC), the sixth-largest digital asset, has been moving sideways recently. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. 

More Litecoin News

Crypto Today: China promises not to use digital Yuan to intrusion

The main actors of the crypto board continue to express the lack of trend force that began on Monday. Cardano stands out today with a rise of 2.15% against the US dollar.

More Cryptocurrencies News

Ripple price prediction: XRP/USD drifts towards $0.2700 – Confluence Detector

Ripple’s XRP has been drifting down towards the support area at $0.2700 since the beginning of the week. The coin touched $0.2893 low on Monday, though a host of stop orders located around $0.2700 stopped the sell-off and pushed the price to $0.2730.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast

BTC

ETH

XRP