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The Swiss Bankers Association (SBA) has released a set of guidelines intended to bolster the availability of financial services to cryptocurrency companies. They are in response to the stubbornness of many banks to provide financial services to crypto-related businesses.
Swiss Bankers Association Publishes Guidelines Intended to Stem Crypto Exodus
The Swiss Bankers Association has published guidelines aimed at financial institutions who are willing to partner to cryptocurrency and DLT businesses.
The guidelines are a response to growing concerns that an unwillingness on the part of many banks to provide financial services to cryptocurrency companies may drive an exodus of crypto start-ups from Switzerland.
Adrian Schatzmann, strategic adviser of the SBA, stated: “We believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts.”
Guidelines Recommend Different Procedures for Crypto Companies Conducting ICOs
The guidelines outline a number of operational recommendations for banks partnering with cryptocurrency firms.
The SBA makes specific recommendations for firms that are conducting initial coin offerings (ICOs), also suggesting separate know-your-customer and anti-money laundering (AML) procedures for firms that raise funds through ICOs in the form fiat currencies and ICOs generating funds in the form of cryptocurrencies.
“This provides more clarity not only to banks, but also to startups,” Oliver Bussmann, head of the Crypto Valley Association said.
Swiss Banks Restrict Services to Crypto Companies Amid ICO AML concerns
The guidelines have been issued in response to increased trepidation among Swiss financial institutions with regard to partnering with crypto firms, with Reuters citing sources as asserting that “banks are worried because some of the companies that carried out ICOs did not do AML checks on their contributors, meaning the banks themselves could fall foul of AML rules.”
With Mr. Bussmann estimating that 530 crypto and DLT companies have established operations in Zurich and Zug, it is imperative for the survival of the local industry that firms are able to access basic financial services.
Deputy chief executive officer of the SBA, August Benz, indicated that while the initial discussion between the SBA and local financial institutions has been positive thus far, it will take time to assess the impact of the new guidelines.
Do you think that the Switzerland will can retain its position as a leading crypto hub despite trepidation on the part of local banks in partnering with virtual currency firms? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Swissbanking.org
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Another Tesla Inc. vice president is leaving the company, according to people familiar with the matter, as Elon Musk struggles to contain an exodus of senior executives.
Liam O’Connor, vice president of global supply management, has resigned from the electric-car maker, said the people, who requested…
A Brazilian mob attacked Venezuelans, while Ecuador and Peru have created harsh rules for entering migrants.
CNN.com – RSS Channel – Regions – Americas
Charlie Lee, the creator of Litecoin (LTC), has been announced as an adviser to the development of HTC’s “Exodus” blockchain phone following Mr. Lee’s recent tweet that stated he had met with the HTC team and that the Exodus phone will natively support LTC.
Charlie Lee Announces that HTC’s Blockchain Phone Will Support LTC
On the 30th of July, Litecoin’s creator, Charlie Lee, took to Twitter to announce that HTC’s upcoming blockchain phone, Exodus, will feature native support for LTC. First announced in May, HTC claims that the Exodus will be “the world’s first native blockchain phone dedicated to decentralized applications and security.”
Mr. Lee posted: “Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption.”
The official Twitter account of the HTC Exodus confirmed Mr. Lee’s claims, replying to the Tweet with “One small step for @SatoshiLite. One giant leap for blockchain. Team @HTCExodus, @philchen913 @htc are honored to have Charlie Lee to join as our advisor.”
HTC Bullish on Blockchain and Crypto
Earlier this month, HTC indicated that the Exodus would be made available during Q3 of 2018. Phil Chen, the chief crypto officer at HTC, claimed that the company has already received “tens of thousands” of reservations globally.
Mr. Chen also shared his optimism regarding the outlook for the virtual currency and distributed ledger technology industries, stating: “Every 10 years, we see shifts [in technology],” he said. “We think that crypto and blockchain will be the next shift.”
“At some point, we’ll do our own utility token,” Mr. Chen added.
Distributed Ledger Technology Expected to Reshape Telecommunications Industry
At the start of the month, a report published by Research and Markets claimed that distributed ledger technology will add nearly $ 1 billion to the global telecommunications industry within the next five years.
HTC is not the only company preparing to launch a blockchain phone in coming months, with Sirin Labs’ “Finney” expected to arrive in November. The Swiss firm raised $ 157.8 through an initial coin offering (ICO) – at the time comprising the fourth largest to ever take place.
The third largest handset maker in the world, Huawei Technologies, has also expressed interest in entering the blockchain phone industry – with reports from March indicating that the company was in discussions with Sirin regarding the licensing of the company’s SIRIN OS operating system.
Do you think that so-called blockchain phones will have a significant impact on the telecommunications industry? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post HTC ‘Exodus’ Blockchain Phone To Support LTC, Lee to Advise Project appeared first on Bitcoin News.
With HTC entering the race, a second cryptocurrency supporting smartphone created by a major electronics manufacturer is now on its way to the market. Could this be the start of a trend by all device makers to embed features such as hardware wallets into phones to help increase sales among more tech savvy consumers?
Exodus From Fiat to Crypto
Taiwanese consumer electronics manufacturer High Tech Computer Corporation or HTC (TWSE: 2498), will release its own cryptocurrency-focused smartphone. The company has announced it is developing a “blockchain-powered” device that will be based on Google’s Android operating system which will be named Exodus.
The phone is expected to contain a universal wallet and a “built-in secure hardware enclave” supporting cryptocurrencies and dapps (decentralized applications). HTC reportedly also wants to create its own network with each phone serving as a node to facilitate trading within it. Finally, the company is examining the possibility of selling the device for cryptocurrency as well. “Through Exodus, we are excited to be supporting underlying protocols such as Bitcoin, Lightning Networks, Ethereum, Dfinity, and more,” Phil Chen who is responsible for the development told Thenextweb. “We would like to support the entire blockchain ecosystem, and in the next few months we’ll be announcing many more exciting partnerships together.”
Cryptocurrency Support as Killer App
If you follow the electronics market carefully, you must know that HTC has not been doing so well in recent years despite creating some great devices. In that context it is possible to imagine that the company is betting on a cryptophone to give it a more edgy brand to attract privacy-minded young people and the more tech savvy crowd. However, other companies have explored the field before HTC and it is thus possible that many more will soon feature built-in cryptocurrency support in their devices.
Earlier this month we reported on the technical details that have emerged about Sirin Finney, an ultra secure mobile device promising to keep your cryptocurrency transactions private. The phone will feature an embedded cold storage wallet, and will be built by the same company that builds the iPhone, Foxconn. And back in March of this year, the Chinese smartphone maker Huawei was rumored to be in serious talks with Sirin Labs about the device too.
How long until all new phones will support crypto as default? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post HTC to Launch Its Own Cryptocurrency-Focused Smartphone, Exodus appeared first on Bitcoin News.
Over 400 professors and staff have left one of Venezuela’s top universities as hundreds of thousands of citizens flee the South American nation, seeking refuge from country’s humanitarian crisis.
CNN.com – RSS Channel – Regions – Americas
Massive, makeshift refugee camps are sprawling over farms and open land in southern Bangladesh as more than 420,000 Rohingya Muslims flee violent attacks in their predominantly Buddhist homeland of Myanmar. In a matter of weeks, thousands of temporary shelters have been erected in the Bangladesh district of Cox’s Bazar,…
The rebel group at the center of the Myanmar conflict, known as ARSA, and its founder, Ata Ullah, say it is defending Muslim Rohingya, highlighting decades of repression, and foreign extremists are taking interest.
WSJ.com: What’s News Asia
Given that Florida is in the midst of a massive evacuation ahead of Hurricane Irma, it’s not surprising that false rumors and misinformation are flying. FEMA has heard so many it is clearing up several, including: Pets: Yes, emergency shelters must accept pets and service animals of evacuees. No, hotels…
President Trump announced Wednesday that he has dissolved the White House’s economic advisory council and manufacturing council — panels that consisted of business leaders from firms such as BlackRock, JPMorgan Chase, IBM and PepsiCo.
His decision came as a wave of the manufacturing council’s members…