Cryptocurrency and blockchain space has created a number of jobs in the market. Further, to ensure that the required pool of talent remains available in the future, the crypto industry is making a considerable investment in the educational courses and projects relating to blockchain and digital assets. All these endeavors have brought credibility to the long-term sustenance claim of the crypto industry; however, the experts believe that it is the wave of regulatory frameworks being implemented by different countries around the globe which is a true indicator of crypto sustainability in the long run. Envisioning and developing regulations for the fledgling areas like cryptocurrency and blockchain is an uphill task and requires striking a very fine balance between strong regulations and flexible implementation. A shining example in this regard which has actually struck this balance is of the Swiss government. Switzerland is implementing the crypto regulation in a very methodical and ingenious manner – encouraging innovation while maintaining the highest standards of safety and security.
In December last year, Switzerland officially communicated, in detail, its policy regarding the regulation of cryptocurrency and blockchain space in the country. State Secretariat for International Financial Matters (SIF) presented the report laying down the broad contours of the crypto and blockchain policy. According to the report, the judiciary of the nation will have the supremacy relating to the issues of digital assets and will be entitled to deliver the verdict should there be any conflict arising between the competing parties.
In the backdrop of the global scenario, it has become mandatory for the Swiss government to come up with a policy as the matter had become one of the top-most priorities before the nation. Also, a lot is going on the blockchain collaboration with many key industry leaders coming together for the joint development of the processes, procedures, and systems which, in turn, has necessitated having a regulatory framework for the crypto industry. Industry analysts see the regulations in the positive light and take comfort in the fact that countries are not outrightly banning the cryptocurrencies and digital assets. Although the nature of regulations is different for different countries, still the overall tone of the regulations is positive and should help the crypto space to grow in its adoption and prominence.
Take, for instance, the Security and Exchange Commission (SEC) in the US which has identified cryptocurrencies as a primary focus area for 2019. The Office of Compliance, Inspections, and Examinations (OCIE) of SEC is going to delve deep into the crypto space and hopefully, the new recommendations and regulations of SEC will further help the cryptocurrencies and blockchain technology to spread their wings. The developments around the blockchain space are even more interesting with the New York state announcing the crypto task force which will work to submit the legislative procedures for regulating crypto and blockchain by December 2020. In the Asia-Pacific region, Japan and Singapore have taken the lead in terms of framing regulations for the crypto, and more importantly, South Korea is showing signs of reconsideration on its initial policy of cryptocurrency.
Coming back to Switzerland, the country enjoys a solid reputation among the crypto enthusiasts and has a distinction of hosting around 15% of the top 100 initial coin offerings (ICOs) in the world. The recent measures taken by the Swiss government is a step forward to consolidate further its position as a nation which has pioneered the adoption of cryptocurrency and blockchain technology. Experts suggest that the positive attitude of the Swiss government which doesn’t consider a need for making a separate law for the blockchain and rather emphasize on adjusting the existing laws to support the adoption and development of country’s blockchain ecosystem is making all the positive difference. This implies that the Swiss government considers digital assets and blockchain as an integral part of the country’s economy and not as a different sector which requires a special kind of legislation and controls. This has indeed bode well for the development of crypto space in the country.