Switzerland will exchange normative experience in Blockchain with Israel

Switzerland and Israel agreed to share their experience in the regulation of the blockchain industry, symbolizing an alliance with great potential to impact the Blockchain industry.

Swiss Finance Minister Ueli Maurer and Secretary of State for International Financial Affairs Joerg Gasser recently visited Israel to formally request access to local markets for Swiss banks.

As Gasser told Reuters, by the end of 2018 he plans to prepare a report on Blockchain's regulation for Israeli officials that would outline general recommendations. He hopes that these notes can be approved by the Israeli parliament in 2019 and enter into force in early 2020.

Reuters has not been able to obtain a detailed comment from Israeli officials. However, the Finance Ministry said in a statement that both countries had agreed to share notes on the Fintech regulation, including the guidelines on cryptocurrencies and the fight against money laundering.

Israel has a series of projects that use Blockchain technology in one capacity or another. Selva Ozelli, an international tax attorney and certified public accountant (CPA), reviewed Blockchain's local initiatives, such as an open government platform for elections, a blockchain-based drones registry and a national cryptocurrency.

Switzerland is actively adjusting its current legislation to integrate Blockchain projects into daily life. As part of these efforts, the country has established the so-called Crypto Valley located in the canton of Zug, where different Blockchain solutions are being developed.

In addition, Switzerland actively promotes Blockchain startups and cryptocurrencies. In June, Hypothekarbank Lenzburg became the first bank in the country to offer commercial accounts for these companies. Several other Swiss banks have also opened their businesses to companies related to cryptography since then.