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Jürg Baltensperger, compliance and corporate governance expert
Blockchain technology crosses Switzerland and offers a large number of first offers. According to Jürg Baltensperger, the regulatory authorities seem to have difficulties at this rate. It has a solution
It is quite conceivable that in the future many start-ups in Switzerland will be launched as Initial Coin Offerings (ICO) if it does not exist. There were no such high regulatory hurdles. The application of existing rules to a new technology without prejudice leads to shocking results and, above all, exorbitant legal fees.
Such barriers to entry have a deterrent effect and are anti-innovation. Companies that do not respect the rules are threatened with liquidation by the Federal Financial Market Supervisory Authority (Finma). This will certainly not help to strengthen Switzerland as a favorable location for the ICO.
"Some countries have been extensively modernized to compete with Blockchain companies"
The blockchain and ICO fundraising brings new risks, but also creates new opportunities. ;other side. In this context, a regulator should allow framework conditions that minimize the risks, while allowing the use of opportunities – in the interest of the sustainable development of the company.
However, Switzerland is not alone. A number of countries have come a long way in fighting for the Blockchain companies: Malta created a comprehensive regulatory framework in early July with three new laws. Uzbekistan has an environment favorable to the ICO and Liechtenstein has announced a Blockchain Act for 2019. Other countries like Gibraltar and the Baltic States are also trying to attract ICOs through a set of favorable rules.
"As a blockchain, Switzerland threatens to slip into the international environment"
How can Switzerland position itself in this international race? In the sense of a regulation looking towards the future, there is no way around a blockchain law that leaves room for innovation and development. It takes a long time before such a law is passed. As a result, Switzerland threatens to slip into the international midfield as a place of blockchain
Therefore, a temporary solution should be found. For asset managers, the self – regulatory system has proven itself for a long time. Self-regulatory organizations (SROs) provide their members with Finma's rules of conduct and control their compliance. This model could also be applied in the blockchain region, at least as a bridge towards ripe state rules.
"Even with corresponding American banks, the label helps a Swiss regulation"
The advantage would be that a "blockchain SRO" could be composed of both technology experts and regulatory environment, which would promote targeted and effective rules.
Blockchain regulations will not prevent banks from adapting compliance processes to new risks. This requires good risk identification and expertise in defining the measures. Nevertheless, the blockchain regulation strengthens confidence in country offices and will help extend the still limited service available to these companies
. The label also helps regulate communications with US correspondents and other stakeholders. This can only be in the sense of a future development of the Swiss financial center.
Jürg Baltensperger is an expert in compliance, corporate governance and risk management. He has many years of experience with private banks and asset managers, as well as regulatory project manager. He is currently Managing Director of the consulting firm JayBee in Zurich and teaches at universities of applied sciences.
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