What are the blockchain advances in fintech
Switzerland is a successful economy in a global market. In order to secure jobs and prosperity, the Swiss economy and the financial center are permanently dependent on sustainable innovations. What our companies are capable of in this regard, they have shown in the past few years in the area of digitization and its influence on structural change.
Digitization enables new, innovative business models, especially in the financial sector. These developments are driven by technological advances and blockchain technology. Fintech start-ups and technology-driven companies are constantly developing new applications that simplify various processes and transactions in practice. Traditional financial intermediaries such as banks and insurance companies are also active in these areas and are increasingly integrating such innovations into their business models. Processes, products and structures are being turned upside down and require new knowledge and skills from employees at all levels.
Today, Switzerland is one of the leading locations in the blockchain and fintech sectors. In the financial sector in particular, a growing fintech and blockchain ecosystem has developed domestically in recent years, which is already enjoying worldwide recognition.
It is therefore essential that the Federal Council creates legal certainty with efficient and balanced regulation, enables innovations and ensures that the integrity and good reputation of the financial and economic center are guaranteed. To this end, he had the State Secretariat for International Financial Matters (SIF) develop the blockchain report in cooperation with the industry, which, as an actual pioneering achievement, went into consultation in March 2019. Instead of developing a blockchain law, Switzerland is adapting six existing laws.
The Federal Council ensures that regulation is technology-neutral: the industry should develop solutions and the market should decide which business models and technologies will prevail. The Federal Council also attaches great importance to regular exchange with the industry. With these principles, he wants to ensure that Switzerland will also be successful in the digital age.
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