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Because of strategic differences, the CEO of Switzerland's SIX Digital Exchange Martin Halblaub will depart at the end of August when his contract expires. The CEO of Switzerland’s SIX Digital Exchange (SDX), the cryptocurrency-focused arm of the the country’s principal SIX Swiss Exchange, is departing the company, local news outlet SwissInfo reported on Aug. 14. CEO departs before SDX launch Martin Halblaub will step down after eight months into his job when his contract expires at the end of August following disagreements on how the trading platform should be run. Halblaub reportedly wanted SDX to launch as an independent company, while the board of the parent company — SIX Group — disagreed. He commented on the decision: “I fully support SDX’s ambition and business model and would have loved to lead SDX into the future. However, I have decided with a heavy heart — given our differing ideas on strategy, combined with the stretch the role is for my life model — that I canno..
In the blockchain and cryptocurrency community, there are few nations around the world that have managed to capture and legitimize the nascent industry like Switzerland has. Now, Swiss-based FOREX banking service provider Dukascopy Bank is opening up a reward program for new and existing mobile current account (MCA) users. A Financial Revolution Switzerland has taken many strides toward fostering the blockchain/cryptocurrency industry with accommodating regulations and infrastructure. Born from this effort was Dukascopy Bank and its native cryptocurrency Dukascoin. Dukascopy Bank is an online bank based in Geneva, Switzerland that offers internet and mobile trading services across a range of financial products such as CFDs, FOREX and binary trading options, as well as traditional banking and financial services. In February 2019, the bank launched Dukascoin (DUK+), the first-ever cryptocurrency issued by a regulated Swiss bank, developed on the Ethereum blockchain. The token was cr..
Bitcoin Suisse cryptocurrency services company claims to have conducted the highest Bitcoin trade ever, literally. Cryptocurrency services financial services provider Bitcoin Suisse claims to have conducted a Bitcoin (BTC) trade at the highest altitude ever in a promotional stunt that took place on July 13. A YouTube video proving this achievement was published on July 19. New Bitcoin “all-time high” tradeAccording to the firm’s claims, the trade carried out by its staff took place on the summit of Breithorn mountain range in the Pennine Alps, located on the border between Switzerland and Italy. Furthermore, almost 70 people reportedly took part in this publicity stunt 4164 meters (nearly 2.59 miles) above the sea level. The official Bitcoin Suisse Twitter account wrote about the achievement: “NEW ALL-TIME HIGH! On July 13th, Bitcoin Suisse conducted the highest bitcoin trade ever recorded on the summit of Breithorn, Switzerland, 4164m above sea level.” “A little bit over the top”Like..
Aximetria now has the blessing of regulators to act as a crypto financial intermediary, a press release confirms. Cryptocurrency-focused personal finance app Aximetria has gained a financial standards license recognized by Swiss regulators. In a press release provided to Cointelegraph July 29, Aximetria, which is based in the country, said the Swiss Financial Services Standards Association (VQF) license would allow it to function as a crypto intermediary and streamline its onboarding process. The VQF license is approved by Switzerland’s overarching finance regulator, the Financial Market Supervisory Authority (FINMA). An award means the holder carries out activities in compliance with the organization’s anti-money laundering (AML) and Know-your-Customer (KYC) rules. “The Swiss license is of vital importance to Aximetria and our customers, partners, investors and the industry at large, including the blockchain ecosystem,” Alexey Ermakov, founder and CEO of Aximetria, commented in the ..
Swiss privacy regulators have said that social media titan Facebook is lagging in its response to requests for more liaison on Libra. Swiss privacy regulators have said that social media titan Facebook is lagging in its response to requests for more liaison. An unanswered letterA Reuters report published on July 23 revealed that the Swiss Federal Data Protection and Information Commissioner (FDPIC) sent a letter to the Libra Association on July 17 but has not as of yet received any response. The Libra Association is a newly-established, independent governance consortium for Facebook’s planned cryptocurrency, dubbed Libra. Notably, David Marcus, chief of Facebook’s Calibra wallet service, has previously indicated that the corporation expects the FDPIC will serve as data protection supervisory authority in the context of Libra, given that the Association is registered in Geneva, Switzerland. Per Reuters, the FPDIC is seeking more details from Facebook to help clarify its role in overse..
The Swiss data protection regulator is waiting for Facebook to provide it with particulars on data protection risks associated with the Libra digital currency. The Swiss data protection regulator is waiting for Facebook to provide it with particulars on data protection risks associated with the forthcoming Libra digital currency, Reuters reported on July 23. The Federal Data Protection and Information Commissioner (FDPIC) — the competent authority for data processing by federal bodies and individuals in Switzerland — sent a letter to Libra Association on July 17, asking for details about Libra. The FDPIC stated: “The Federal Data Protection and Information Commissioner has noted the remarks made by Mr. David Marcus at his hearing before a U.S. Senate committee. The FDPIC stated in his letter that as he had not received any indication on what personal data may be processed, the Libra Association should inform him of the current status of the project so that he could assess the extent t..
A spokesman for the Swiss Federal Data Protection and Information Commissioner says that Facebook has not contacted it regarding Libra. Social media giant Facebook has reportedly not contacted Swiss regulators regarding the registration of its long-awaited cryptocurrency project Libra. On July 16, Hugo Wyler, a spokesman for and head of communication at the Swiss Federal Data Protection and Information Commissioner (FDPIC), told CNBC that the agency has not been contacted by the promoters of Libra. Notably, the Libra project’s head, David Marcus mentioned in his testimony that the FDPIC would be the Libra Association’s privacy regulator: “For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner will be the Libra Association’s privacy regulator.” Wyler said that “we have taken note of the statements made by David Marcus, chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until to..
Switzerland-based online bank Dukascopy is developing its own Ethereum blockchain-based stablecoin. Switzerland-based online bank Dukascopy is developing its own Ethereum blockchain-based stablecoin, according to the white paper published on June 27 Per the document, Dukascopy intends to issue ERC-20 stablecoins dubbed “Dukascash” pegged to the euro, Swiss franc, and U.S. dollar, and gradually increasing the list of Dukascash tokens’ base currencies depending upon customer demand. The bank further specified: “The initial Dukascash tokens tranches of roughly CHF 10 million or equivalent in each base currency will be issued and initially kept by the Bank as ‘unreleased’ tokens. Additional Dukascash tokens will be issued in tranches, depending upon client demand. Small portions (up to CHF 100,000) of unreleased Dukascash tokens will then be released in favor of the Bank to enable it to sell Dukascash tokens to clients.” The bank notes in the white paper that the main purpose of introduc..
Principal Swiss stock exchange SIX has asked the country’s central bank for to issue a stablecoin for settlements. Principal Swiss stock exchange SIX asked the country’s central bank to issue a stablecoin, local media SwissInfo reports on June 26 Per the report, the crypto asset would be used to settle payments on its new digital securities trading platform. The exchange reportedly announced during the Crypto Valley Association conference this week that users of its upcoming SDX platform will be able to swap fiat currency for a new stablecoin. The exchange explained that “SDX member banks will be able to settle their trades and other obligations against tokenised CHF within SDX once we are up and running.” The firm further explained that the tokens can be coined on-demand: “SDX would accept CHF payments from member banks in central bank money and issue equivalent tokenised CHF in SDX. The value of tokenised CHF would be pegged 1:1 with CHF at all times. We most definitely favour a cen..
A think tank says the debate about digitization and distributed ledger technology in Switzerland has focused more on risks than opportunities. Switzerland’s national bank should work with large industry players to develop a Swiss franc token, according to a report by the Avenir Suisse think tank on June 4. Avenir Suisse is an independent privately funded think tank, with a yearly budget of reportedly 5 million Swiss francs ($5 million). Despite the opportunities that distributed ledger technology (DLT) is creating in the country’s finance industry — especially in trade finance, asset management and capital markets — researchers argue that the debate surrounding digitization is focused too much on the risks. Avenir Suisse’s report claims that if Switzerland became a dominant player in trading tokenized securities, its relatively small capital market could expand and attract more domestic and international players. In addition, it claims wealth managers would get the chance to “exploit ..