Various members of Switzerland’s parliament have proposed a motion to reduce the regulatory burdens of blockchain startups. This could be a significant more for the future of Bitcoin technology in the country.
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Regulatory guidelines burden startups active in the world of blockchain technology. Especially those companies who deal with financial transactions, such as wallet services or exchanges, are often put into the same category as banks. This also means those startups have to adhere to strict regulatory and capital requirements.
Less is More in Switzerland
Though Switzerland has a dedicated “Crypto Valley” startup scene, there is no exchange platform to speak of. There are several cities housing Bitcoin ATMs, though. Zurich seems to be a hub for Bitcoin ATM activity, as six of the fourteen devices are installed in the capital city.
Various Swiss members of parliament have taken notice of this regulatory stranglehold and proposed a motion to make life a bit easier for Bitcoin-oriented startups. By reducing blockchain regulation, financial services using Bitcoin [technology] should not be classified as banks anymore. With less strict requirements in place, the cryptocurrency ecosystem can