Switzerland and Israel have agreed to share their experiences in regulating the blockchain industry as part of a deal that will open up access to Swiss banks in Israel.
During a trip to the middle eastern country, Switzerland’s Minister of Finance Ueli Maurer and State Secretary for International Financial Matters Joerg Gasser discussed terms for entering the Israeli market with high-ranking state officials.
Part of the terms of this agreement concluded that both sides would cooperate with each other in areas of financial technology regulation and cryptocurrencies, as well as both parties sharing their history of success and failures in regulating the blockchain industry.
With significant financial stakes on the line for both parties, cryptocurrency and blockchain making it onto the agenda highlight how critical these emerging fields are becoming in everyday politics.
Gasser told Reuters that Switzerland should have a blockchain report outlining policy recommendations ready for Israel by the end of the year, estimating that it will take until early 2020 for the new legislation to go into effect. He said, “We need market access and each other’s markets unfettered and as free as possible.”
While Israel allows EU banks access to the country’s markets, Switzerland is not a member of the bloc and follows different fiscal policy.
Blockchain in Israel
Israel has several blockchain-related projects on the horizon, and it makes practical sense that the country would be looking into how and where regulating the industry works from a state with far more experience such as Switzerland.
As Israel is a leading expert in drones, it is perhaps unsurprising that one of the country’s biggest blockchain innovations is in this area. A startup called Applied Blockchain founded by Adi Ben-Ari has developed the Blockchain drone registry to track and secure commercial drone flights and deliveries.
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