Arab Bank Switzerland has partnered with blockchain technology firm Taurus to offer Bitcoin (BTC) and Ether (ETH) custody and brokerage services to its clients. Swissinfo reported the development on Sept. 19. Serge Robin, the CEO of Arab Bank Switzerland — a Swiss institution that forms part of the Jordan-headquartered Arab Bank group — said: “We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated environment.” Switzerland’s blockchain and banking sectors Last month, Switzerland’s watchdog, …

A project says it is offering the world’s first Swiss mechanical watch to be certified on the blockchain — with each model hiding an irresistible secret. Gvchiani and Cryptolex have teamed up to develop MasterBlock — a limited-edition timepiece that “pays tribute to the technologies of Bitcoin and blockchain.” Its atypical, block-shaped appearance is built using DLC titanium, while the X outline reflects the monetary code of Bitcoin (XBT). Last but not least, the blockchain is symbolized by a leather strap designed to represent decentralized networks. Work on the watch has been underway since 2015, with both companies taking pride …

A board member of the European Central Bank (ECB) has argued that stablecoins like Facebook’s long-awaited Libra coin pose risks to public policy priorities. ECB board member Benoit Coeure delivered his comments on stablecoins’ regulatory issues at a meeting at the Bank of International Settlements (BIS) in Basel, Switzerland, Reuters reported on Sept. 16. Coeure specifically stated: “Stablecoins are largely untested, especially on the scale required to run a global payment system. [...] They give rise to a number of serious risks related to public policy priorities. The bar for regulatory approval will be high.” 26 global central banks and …

Officials from the European Central Bank (ECB) and 25 global central banks will meet with Libra to assess the financial stability risks of the project. Central bank forum to challenge Libra On Sept. 16, Libra representatives will meet with the Committee on Payments and Market Infrastructure (CPMI), a part of the Bank of International Settlements (BIS), in Switzerland, the Financial Times reports on Sept. 14. The CPMI, a BIS international standard setter and a member of the Financial Stability Board, consists of 28 member banks, including the Bank of England, Deutsche Bundesbank and the Federal Reserve Bank of New York. …

Switzerland’s financial watchdog says it is open to international cooperation and oversight of the way in which it regulates Facebook’s planned cryptocurrency network. In a Sept. 12 interview with Neue Zürcher Zeitung (NZZ), Financial Market Supervisory Authority (FINMA) director Mark Branson said it was illusory to believe that a single country could regulate a project of Libra’s scope on its own. Libra ‘fits perfectly’ into Switzerland’s regulatory framework Branson argued that Switzerland’s ambitions to evolve into a major financial center would necessarily entail reputational risks and thus draw international attention: “Shy of these risks, you have less attention, but may …

Switzerland’s Financial Market Supervisory Authority (FINMA) has published a stablecoin-focused supplement to its existing guidelines for initial coin offerings (ICOs). In a news release published on Sept. 11, FINMA takes note of the steadily proliferating issuance of stablecoins since mid-2018, as well as confirming that the Geneva-based Libra Association had sought an assessment by FINMA for its stablecoin project under Swiss law. “Same risks, same rules” FINMA’s introductory remarks outline that the watchdog treats stablecoins as it does other blockchain-based tokens, with a focus “on the economic function and the purpose of a token” and with a “same risks, same …

The Libra Association, or which Facebook is a member, is seeking a payment system license under Switzerland’s Financial Market Supervisory Authority (FINMA) for its planned stablecoin project, Reuters reported on Sept. 11. “Regulated, low-friction, high-security” blockchain payments In an official statement today, the Switzerland-registered Libra Association — a not-for-profit membership organization established to govern the Libra network — Dante Disparte, the Libra Association’s head of policy and communications, said of the choice to coordinate with Swiss regulators: “We are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, …

Caymans Island-registered cryptocurrency exchange Blackmoon plans to list encrypted messaging app Telegram’s forthcoming Gram token via a partnership with Swiss crypto custodian Gram Vault. According to a Finance Magnates report on Sept. 10, Blackmoon — which was founded as a traditional financial products provider before launching crypto trading services — plans to boost liquidity by enabling users to purchase Gram tokens using bank cards. Gram Vault claims its clients among biggest investors in Telegram ICO By any stretch, Blackmoon is not a household name in the cryptocurrency space. Yet the clients of its partner for the listing — the fully …

The German-speaking world continues to see lots of developments in the crypto industry, with the German government clarifying proposed regulations, Switzerland adding a new blockchain hub, while Bitcoin (BTC)-scammers are using Austrian celebrities in fake crypto ads. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph auf Deutsch. German government explains proposed regulations for crypto wallets and exchanges Cointelegraph auf Deutsch reported on Sept. 3, that, in reply to a request by the Free Democratic Party, the German Federal Government announced further details on planned regulations for cryptocurrency exchanges and wallet providers. …

Swiss National Bank (SNB) President Thomas Jordan said that stablecoins pegged to foreign currencies could hamper Switzerland’s monetary policy in some circumstances. Cryptocurrencies’ limited use as payment instruments On Sept. 5, Jordan spoke at the University of Basel, saying that he is convinced that cryptocurrencies are of limited use as payment instruments, stores of value and units of account, as they are subject to major fluctuations. Jordan went on to say: “Crypto tokens are more like speculative investment instruments than ‘good’ money in terms of their characteristics. Users typically describe money as ‘good’ if it has a stable value over …

Banking is often seen as the antithesis of Bitcoin (BTC), the very industry the nascent protocol looks to defuse and disrupt. Ironically, many banks are desperately in need of the attributes and facilities afforded by cryptocurrencies — specifically blockchain, their underlying technology. Perhaps then, it’s not too surprising that more and more cryptocurrency banks are springing up, offering an alternative to tired legacy systems and allowing room for an emerging asset class. However, some significant hurdles remain for these emerging institutions. Regulatory uncertainties are rife within the world of cryptocurrency banking. Ill-equipped regulatory bodies often attempt to pen in budding …

The German-speaking world continues to keep up a fast pace in regard to cryptocurrencies and blockchain implementation. Among other stories during the past week: the Cabinet of Germany and Deutsche Bundesbank are working closely on issues related to central bank digital currencies, the Swiss Federal Council expressed its official opinion on Facebook's Libra, Bitwala launched an all-in-one mobile Bitcoin bank app and more. Swiss crypto banks receive licenses from a financial regulator Two Swiss crypto-specializing organizations, Seba Crypto AG and Sygnum, received banking and securities dealer licenses from the Swiss Financial Market Supervisory Authority (FINMA), the banks announced in separate …