Cryptocurrencies by George McNabb July 22, 2018
Several countries have something or the other going on in terms of crypto currency. However, not everything is positive about it in all these countries. Crypto currency and its influence haven’t been positive in all the countries and several governments are taking strong steps to regulate it in such a way that its influence decreases in the economic sector. One of those countries is Japan; it is taking excessive measures to curb the freedom of various crypto currency units so that the scam that had rattled the economic unity in the country, in the past year, cannot take place again. Its regulation agency is immensely skeptical about the crypto currency activities.
Switzerland has been a pioneer of crypto currency for the longest period of time. However, lately, the crypto currency users of this place are worried that it might be ousted because of several reasons. Two banks have left the country due to these reasons. Switzerland, its Zug region, to be more specific, has become the place for crypto currency. However, lately, two banks, which had tremendous influence on the crypto currency markets have been shut down. The significance of this rests in the fact Switzerland banks had been the largest supporters of crypto currency up until now. Moreover, Switzerland was one place in the world which did not charge exorbitant rates of trade. But recently, the regulators of the country are failing to see to it that banking options are available for those who are interested in dealing with crypto currency. As a result, there are apprehensions in the country about whether or not the crypto currency will have the same convenience it used to have in this place. A lot of digital currency activities will be disrupted because of these changes which are being made by the regulators.
A major reason for the tightening of laws by regulators is that so many of them are worried that the crypto currencies and their ICOs may be the part of money laundering. They suspect this because so many of these ICOs do not have policies which can prevent the money laundering to take place. It can be noticed that Switzerland is making more efforts to ensure that it is no longer the place that grants shelter to those fleeing their own illegal activities from different places. There were prominent ICOs functioning in the country previously, however, only few of them continue to function today. Because of the limitations put by the regulators on the banks, there can be noticed a gradual decline in the activities of virtual currency. Moreover, this has also come as a shock to various other countries, because these steps were not expected to be taken by the banks of Switzerland because of the image that it had established over these years.
However, with the opening of SIX digital exchange, it can be concluded that by no means does this exchange intend on remaining behind in the emerging sector of virtual currency.