On June 25, Japan’s Minister of Finance, senator Fujimaki suggested that the current tax rate for crypto transactions in the country, which goes up to a maximum of 55 percent, could be swapped with a 20 percent flat tax similar to stocks or forex trades. While Japan is unsure if the current tax framework should lose its progressive scale — mentioning “tax fairness” as one of the arguments in favor of sticking with the old model — some major markets don’t have clear guidelines for how Bitcoin and altcoins are taxed at all. Here’s how cryptocurrencies are currently levied from …

Switzerland’s principal stock exchange SIX announced today, July 6, that it will open a “fully-regulated” cryptocurrency exchange next year. In an official press release, SIX confirmed it would use so-called distributed ledger technology (DLT) –– of which blockchain is one type –– to build what they are dubbing a “digital asset ecosystem,” Six Digital Exchange (SDX) to “put banks at the heart of transactions in the digital space.” SIX already hosts local bank Vontobel’s Bitcoin exchange-traded note (ETN), with further integration of digital assets widely expected prior to today’s announcement. “This is the beginning of a new era for capital …

On June 30, almost a year after the widely successful ICO — a project that raised $232 million worth of BTC and ETH back in July 2017, setting a record at the time — which was followed by an internal dispute and several class-action lawsuits, the Tezos Foundation has finally launched its beta network. Here’s how the project started, what caused the infamous delay and why the anticipated launch comes with reservations. ‘The last cryptocurrency’: What is Tezos? Tezos was developed by Arthur Breitman, who studied applied mathematics, computer science and physics in France and later moved to the U.S. …

The Swiss city of Zug’s first local blockchain-based municipal vote has been successfully completed, the Swiss News Agency reported yesterday, July 2. Zug, also known as Crypto Valley, announced plans to trial a blockchain voting system using the city’s digital ID (eID) system, launched in November 2017, that allows citizens to vote on their mobile devices. Dieter Müller, the head of communications for the city of Zug, told the Swiss News Agency that “the premiere was a success” and that the technical details will be examined over the next few months for privacy, voting secrecy, and the verifiability of the …

According to a joint report from consulting firm PwC and the Swiss Crypto Valley Association, Initial Coin Offerings (ICOs) are booming despite the price collapse of cryptocurrencies, Cointelegraph auf Deutsch reports today, June 29. PwC found that ICO volume reached new record highs in the first half of 2018. Per the report, between January and May 2018 alone, ICO volume is already twice as much as it was during the entire year of 2017. PwC Switzerland writes in an accompanying press release: "In total, 537 ICOs with a total volume of more than $13.7 billion have been registered since the …

Major global auditing and consulting firm KPMG has published a study focused on financial crime in Switzerland, with a section on cryptocurrency’s role, Cointelegraph auf Deutsch reported June 28. KPMG devotes a section of their study to the role of cryptocurrency in money laundering and financial crime, illustrating methods used to launder money via digital currency. In the text addressed to financial institutions, KPMG also lays out tips on how to tackle the phenomenon. According to KPMG, money laundering can be accomplished by buying cryptocurrency at an exchange or by cash or debit card at cryptocurrency ATM using the services …

The Financial Director of Zug, Switzerland, Heinz Tännler called on the Swiss Bankers Association (SBA) to create a working group to help blockchain companies open bank accounts, local news outlet cash.ch reported June 26. Since blockchain and crypto companies face difficulties with opening bank accounts in the country, Tännler together with the Financial Director of Zurich Ernst Stocker brought the issue to the attention of Federal Council Ueli Maurer. Tännler is reportedly concerned about the risk of losing business to countries with more friendly banking environments. Tännler said that blockchain offers great potential for Switzerland, stating that "it must not …

Blockchain technology is predicted to have a great future in Switzerland. What does this mean for the labor market, what does the Swiss government think about this technology and what does blockchain need in order to be adopted by the people? Cointelegraph discussed these questions with expert Dr. Daniel Diemers at BlockShow in Berlin. Daniel Diemers worked as an entrepreneur for several years in the field of internet-based early warning systems. He has been a partner at PwC Strategy& since 2005, where he advises banks and regulators in Europe and the Middle East on digitalization, fintech and blockchain. Daniel Diemers …

Thomas Moser, a board director at the Swiss National Bank (SNB), believes that central banks’ interest in developing central bank-issued digital currencies (CBDCs) has now waned, Business Insider reports today, June 23. Moser told Business Insider at this week’s Zug Crypto Valley Conference that although there was initial interest among central banks in issuing CBDC or a national cryptocurrency, “enthusiasm has slowed again because of the implications it would have for financial stability:” "The whole technical issue, which excited everyone, really takes second place to this conceptual policy issue. The mood now is: everyone is monitoring it, some are experimenting …

Board director of the Swiss National Bank (SNB) Thomas Moser said that cryptocurrencies and blockchain technology are too primitive to consider issuing a state-backed digital currency, local news outlet swissinfo.ch reported June 21. Speaking at the Crypto Valley blockchain conference in Zug, Moser compared blockchain in its present condition with the “useless innovation” of compact discs (CDs): “Something similar has to happen with bitcoin. People will only switch to something new if it works better or is cheaper.” Moser, who was appointed to the board of Switzerland’s central bank in 2010, admitted that blockchain technology has potential, but only when …

One of the seven members of Switzerland’s collective head of state stated that blockchain will someday “penetrate our entire economy,” according to a transcript published by the Federal Department of Economic Affairs, Education and Research today, June 21. Swiss Federal Councillor Johann N. Schneider-Ammann stated during a speech at the Crypto Valley Conference in Bern today that: “Hardly anyone still doubts that blockchain will penetrate our entire economy.” However, Schneider-Ammann added that at this point, Switzerland does not know enough about the new technologies, “their potential and their risks,” noting that the “decisive factor” will be a push for tech …

The CEO of Swiss financial services provider UBS Group Sergio Ermotti said that blockchain will be essential for the financial services industry in an interview with CNBC June 18. Ermotti said that the underlying technology of cryptocurrencies will allow “[the] freeing up of resources to become more efficient,” adding that “[it] is a great way to allow us to… reduce costs.” He stated that blockchain will prove to be transformative to the industry’s cost base in five to ten years’ time, adding that prioritizing the application of blockchain technology will ensure that UBS remains competitive: "Our industry will continue to …