Greek billionaire and television director Alki David and his Swiss consortium launched cannabis-backed token SWX Coin, according to a press release published on July 25. A cannabis-backed token on the BTC chain Per the release, the consortium also launched the Swissx Bank of Cannabis to operate the token. The exchange will be based in Gstaad, Switzerland, and with a Caribbean headquarters to be named soon. The token is reportedly based on Bitcoin (BTC)’s blockchain, and a single unit is pegged directly to the median global price of premium hemp flower. A bank for cannabis deals Initially, the bank and its …

Swiss privacy regulators have said that social media titan Facebook is lagging in its response to requests for more liaison. An unanswered letter As Cointelegraph reported, a 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 …

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 …

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 …

Swiss crypto broker Bitcoin Suisse has applied for banking and securities dealer licenses from Switzerland’s finance regulator, the company confirmed in a press release on July 16. Bitcoin Suisse, which forms part of the country’s Crypto Valley Association, said it had submitted requests to the Swiss Financial Markets Supervision Authority. The reason, it said, was in order to adapt to a rapidly-changing regulatory landscape vis-a-vis cryptocurrencies, even in Switzerland, which is known for its proactive stance on the industry. “These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as …

The United States House of Representatives Committee on Financial Services requested Facebook and its partners to stop the development of the Libra stablecoin. In a July 2 letter addressed to Facebook CEOs Mark Zuckerberg and David Marcus, and COO Sheryl Sandberg, the lawmakers request that Facebook and its partners immediately agree to a moratorium on the development of Libra and its dedicated Calibra wallet. The committee claims that the project may lead ”to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar.” The committee notes that it …

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 …

Crypto asset manager Bitwise has partnered with Swiss fintech startup Amun AG to launch another multi-crypto-based exchange-traded product (ETP), according to a press release on June 26. Bitwise’s index calculation subsidiary, Bitwise Index Services, has licensed “The Bitwise 10 Select Large Cap Crypto Index” to Amun AG to bring a diversified crypto ETP, the announcement says. The index will act as the benchmark index for an ETP product called “Amun Bitwise Select 10 Large Cap Crypto Index ETP” operating under the ticker symbol KEYS, according to a report by crypto media outlet The Block. The new ETP product will reportedly …

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 …

Last week, Russian officials revealed plans to build a major financial center on an island in the Far East, which would cater to cryptocurrencies, among other things. Notably, the creation of special economic zones for crypto has been an enduring idea both in Russia — similar proposals have been previously made in regard to Crimea, a territory that is claimed by Russia — and the rest of the world. Here’s the list of countries that have been establishing special hubs for cryptocurrencies and blockchain on their soil. Bolshoi Ussuriyskiy offshore crypto zone and similar concepts in Russia The news that …

The number of global blockchain patent filings significantly outstrips the patent filings for other technologies, according to research by the Swiss Federal Institute of Intellectual Property (IPI) and London-based law firm Withers & Rogers. British media outlet Compelo reported the results on June 5. According to the report, the amount of blockchain patents in the world is far outpacing that of quantum computing, as the number of blockchain patent families has already exceeded that of quantum computing. The report says that the number of blockchain-related patent filings has grown tremendously since 2014, with the largest amount of those having been …

Global mobile crypto wallet provider BRD has announced a partnership with blockchain payments and infrastructure firm Wyre that will enable its United States-based customers to purchase cryptocurrencies using bank transfers. The news was revealed in a press release shared with Cointelegraph on June 13. According to the press release, U.S. customers will be able to purchase bitcoin (BTC), ether (ETH) and dai (DAI) by directly linking their BRD wallet to their bank account and making a low-fee transfer. The new service is reportedly supported by over 1,700 U.S. banks, and ostensibly allows for purchases to be completed within five minutes. …