According to a report on the Swiss Federal department of finance, the government is pondering whether or not to establish a virtual environment for the testing of Blockchain Applications.
The committee presiding over the project comprises of the ICO working group, established by the Swiss Secretariat for International Financial Matters (SIF), the Federal Office of Justice (FOJ), and the Swiss Financial Market Supervisory Authority (FINMA).
The working group was established in early January 2018, for the purpose of reviewing the regulatory framework in the application of blockchain technology in the financial sector. The study will require the cooperation of fintech firms, where the findings of the research will be communicated to the necessary authorities for possible action.
Also, the analysis of the effect of possible government regulation on blockchain technologies and virtual currencies will also be carried out.
After months of its establishment, the committee has invited fintech firms to be involved in the consultation, prompting all parties to submit any inquiry or concern to its official email address – [email protected] on or before 20th September.
All Concerned Parties Are Involved
The rationale behind seeking the feedback of firms in the tech industry is to help the group file a proper report that would be presented to the federal authorities by the end of the year. This would go a long way in helping the authorities determine how to go about the proposed launch of the blockchain sandbox.
There were also concerns over the proposed launch of the virtual environment for testing dApps due to the existing Sandbox currently in Switzerland for the banking industry. However, that would not count, with the ICO working group explaining that the purpose of this proposed sandbox is to focus on decentralized applications.
Currently, there is no government law restricting or promoting the use of virtual currencies in Switzerland. However, the government still urges its citizens to be careful when involving in crypto transactions, since the cause of the constant rise and fall of its price seem like a mystery.