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Crypto-Valley Association to detail Switzerland’s regulatory framework on cryptocurrencies and blockchain technology

Crypto Valley Association (CVA) reacts to Switzerland’s State Secretariat for International Financial Matters (SIF) report, detailing Switzerland’s regulatory framework regarding cryptocurrencies and blockchain technology this week.

The report was prepared in consultation with internal and external stakeholders including the Crypto Valley Association (CVA) which provided input through its policy and regulatory working group, chaired by Dr Mattia Rattaggi.

Founded in January 2017, the Crypto Valley Association is a not-for-profit association established to support the development and dissemination of cryptographic technologies, blockchain, and other distributed ledger technologies by supporting startups and other companies in Zug, Switzerland and internationally.

Dr Rattaggi said that “the CVA welcomes the release of the Federal Council’s report, and is entirely in tune with its goal to create the best possible framework conditions for “Crypto Nation Switzerland,” while underlining the country’s integrity and reputation as a financial centre and business location.

It is positive that this is to be achieved through targeted adjustments to the existing legal framework – instead of issuing completely new laws. We feel that this approach best represents the principle of technological neutrality and is in line with the position taken by the CVA in the consultation process. Crucially, this approach ensures maximum consistency within the current legal framework while keeping it principle-based and flexible, while allowing changes to be adopted on a ‘need-to-regulate’ basis.

To a large extent, the report also confirms what we, in the Crypto Valley community, have known for some time — that Switzerland’s regulatory system is already open and relatively flexible These are attributes that have been fundamental in the Crypto Valley’s emergence as a global hub of blockchain innovation.

With the CVA Policy and Regulatory Working Group, we look forward to analysing the details of the report, communicating its contents and implications to our Membership and to continued cooperation with government stakeholders to keep building the wider Crypto Valley ecosystem.”

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 169 levels (which is bullish), and hourly USD spot index has bearish index is creeping at 29 (mildly bullish) while articulating (at 08:42 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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