Switzerland to Exchange Blockchain Regulatory Experience With Israel

Switzerland and Israel have agreed to share their experience on regulating the blockchain industry, Reuters reports Monday, September 17, citing both countries' high-ranking officials.

Switzerland's Minister of Finance Ueli Maurer and State Secretary for International Financial Matters Joerg Gasser have recently visited Israel to officially request access to the local markets for Swiss banks.

As Gasser told Reuters, by the end of 2018 he plans to prepare a report on blockchain regulation for the Israeli officials that would outline general recommendations.

As Cointelegraph reported earlier, Israel has a number of projects that use the blockchain technology in one capacity or another.

Selva Ozelli, an international tax attorney and certified public accountant, reviewed local blockchain initiatives such as an open government platform for elections, a blockchain-based drone registry and a national cryptocurrency.

Switzerland is actively adjusting its current legislation to integrate blockchain projects in daily life.

As part of these efforts, the country has established a so-called Crypto Valley located in the canton of Zug where different blockchain solutions are being developed.

Switzerland actively promotes blockchain and cryptocurrency startups.

In June, Hypothekarbank Lenzburg became the first bank in the country to offer business accounts for such companies.

As Cointelegraph reported in July, several other Swiss banks have also opened their business to crypto-related companies since then.