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Holes? Don't Worry, These Are The Best Swiss Traditions! TOON #13

09 November 2018 11:58, UTC   |    4673
Holes? Don't Worry, These Are The Best Swiss Traditions! TOON #13

Switzerland suddenly found itself in the “catching-up” role. The habit of being an internationally recognized leader in the field of finance and everything related to this industry did some kind of a disservice. Relying on reputation, the Swiss later discovered that they started losing attractiveness for blockchain projects. In 2018, the country unexpectedly rapidly lost its leadership in the ranking of states and territories where ICOs are most often held and raised capital.

First of all, the projects left or bypassed Switzerland because of holes in the regulatory sphere. Banks refused to work with crypto assets or ICOs, not wanting to expose themselves to risks. Later, when the regulators received the statistics with decreasing performance, they realized what a terrible blunder occurred. After that, a series of statements and amendments’ announcements immediately followed. The issuance of licenses, the launch of new projects and the rapid collaboration of banks and crypto startups have started.

Holes were patched and are being patched so far with rapid speed: Switzerland doesn't want to lose the title of a “Crypto Nation”. Probably, the regulators and financial institutions understand the mistake they allowed to happen, and thus some precious time was lost. Until the changes are implemented, the “bugs” in the legal framework are to be presented as “features”.

TOON by Maxim Smagin

Swiss FDF to propose blockchain policies options at the end of 2018

Swiss FDF to propose blockchain policies options at the end of 2018

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Switzerland Teams Up With Liechtenstein To Show $44 Bln Crypto Market Valuation

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Swiss And Russian Banks Report About ICO Platforms Successful Implementation

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