ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Tuesday Oct 23rd 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Swiss Regulators Propose Revisions To FinTech Law

By

Dan

Cummings

WriterETHNews.com

The consultation that Switzerland’s Federal Council ordered for the review of its three proposed amendments to banking laws will end on May 8, 2017.

Switzerland continues to be a place of financial prosperity. Equipped with a progressive government and a knack for innovation, the country has obtained top honors in both in the Global Innovation Index 2016 and the World Economic Forum’s Global Competitiveness Index 2016-2017. This economic success has attracted a fleet of fintech companies to Zug – Switzerland’s pro-fintech “Crypto Valley.”

In February 2017, Switzerland’s Federal Council proposed three amendments to the Banking Act (BankA) and Banking Ordinance (BankO). The consultation, which ends on May 8, 2017, is an effort to streamline entry of firms into the fintech market, boost competitiveness, and maximize growth.

First, the Federal Council has proposed an exception to the BankO for the acceptance of settlement funds. Currently, market participants without a banking license must apply explicitly for third party settlement funds within seven days. However, the Federal Council is pushing for an amendment to the BankO that would extend the period to 60 days.

The Federal Council has also proposed that “an innovation area” or sandbox should be created that would exempt companies from having to obtain banking licenses when accepting up to one million Swiss francs ($1 million) in client deposits. The Federal Council encourages companies to test their business models before they’re required to obtain proper authorization from the Swiss Financial Market Supervisory Authority (FINMA), the Swiss government body responsible for financial regulation.

Lastly, the Federal Council is advocating for less stringent accounting requirements on minimum capital, personal funds, and liquidity. This would enable financial innovators not actively engaged in lending and that accept deposits up to a maximum amount of 100 million Swiss francs ($100 million) to apply for “light” banking licenses. All prospective changes will be consistent with future regulation proposals.

The Federal Council has recommended flexibility in regulation, which will enable evolving business models like the DAO and ICOs to function as large contributors to the financial sector.

“Due to the rapidly progressing digitisation in the financial sector, in particular in the blockchain area, it can be assumed that business models will develop which are not yet conceivable today.”

Dan Cummings

Dan is a Los Angeles-based musician, writer, and veteran passionate about science and technology, current events, human rights, economic impacts, and strategic calculus.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Switzerland, fintech or other Ethereum law and legislation news.