The Swiss government said it would “quickly” develop new rules for digital money


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nnIn the statement issued yesterday, the Swiss Federal Council revealed its first step in the development of the Swiss financial technology development plan. The new regulations passed on July 5 will take effect in August, and yesterday’s initiatives include a regulatory sandbox designed to create a more relaxed regulatory environment for start-ups. It is reported that although the government’s regulation of how to regulate digital money is not yet clear, the government expressed the hope that the “legal qualification” of the digital currency would be implemented as soon as possible and that further monitoring measures would be carefully studied.n
nnTranslation: Clovern
nThe Swiss government said yesterday that it would “promptly” design legal digital currency.n
nThe Swiss Federal Council is composed of seven members and serves as the head of state of Switzerland. The committee revealed in its statement its first step in the development of the Swiss financial technology development plan. CoinDesk reported in February that the government was developing a legal framework for financial technology. And the new regulations passed on July 5 will take effect in August.n
nThe move yesterday also included a regulatory “sandbox” designed to create a more relaxed regulatory environment for start-ups. The Federal Council says companies that accept less than 1 million Swiss francs (about $ 1 million) will not need to be authorized. The committee also explained that the depositors of these companies would not be subject to national deposit protection provisions.n
nHowever, the government’s regulation of how to regulate digital money is unclear, but the government expressed the hope that the “legal qualification” as soon as possible in place, and said in the statement:n
nn”The Federal Council will continue to pay close attention to the further development of digital and financial technology, and carefully study the further regulatory measures, but also has taken over the corresponding work, that is to clarify the virtual currency legal qualifications, and will be implemented quickly.n
nnThe results of the process may have an impact on start-up companies operating in the country, as well as some companies that carry out digital money services, including Swiss rail services firm SBB, which sells bitcores from its ticket machines since last fall.n
nSwitzerland has become the center of start-up businesses that carry out this technology-related business, and some of its municipal agencies have already integrated the block chains into their work. Last week, Chu grid revealed that it is about to begin launching digital identity services since September and using the ConsortSys and the Swiss start-up enterprise ti

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