On 11 December, the CVA was invited to attend the Swiss government’s second Fintech roundtable. This new roundtable, which is chaired by the Swiss Finance Minister, will meet twice a year to bring together important stakeholders in the Swiss Fintech industry – including the Swiss regulator, associations like the CVA, universities, banks and insurance companies – to facilitate exchange between on important Fintech topics in Switzerland.
The CVA was represented by President Oliver Bussmann. According to Bussmann, blockchain dominated the discussions. “We talked the majority of the time about blockchain, especially its impact on business models,” he said. “Among the hot topics were the need for bank accounts for blockchain and cryptographic technologies related startups. We also learned that the Swiss government will be focusing on a principles-based approach for managing ICOs, and that the favored approach to oversight – as is typical in Switzerland – will likely be in the form of a self-regulating organization relying on guidance from the regulator.”
Bussmann also said that the Swiss government is working on a digital ID scheme for the country. The Fintech sandbox that the Swiss regulator introduced this year has been off to a good start. There are five projects active in it, and over 300 requests for clarifications. Of these, said Bussmann, about a quarter are blockchain-related.