The Swiss government has agreed to share its experience and knowledge about blockchain regulation with Israel. As the demand for regulation increases around the globe, countries want to put their best foot forward and implement meaningful, well-rounded, and well-tested regulations. To this extent, Israel is seeking out the expertise of Switzerland in order to make its first batch of crypto regulations as effective and welcoming as possible. The Swiss government invested a lot of time into creating its regulations and it’s now helping other nations by sharing its experiences.
Israel Welcoming Blockchain
There are already a number of blockchain companies operating in Israel and there are even more crypto traders in the country. The nation has recognized this and is seeking to implement regulations in order to ensure the public is kept safe from possible scam companies. This should, in turn, make things easier for companies wishing to set up operations in the country.
It would be wise for Israel to make one of its first laws crypto taxation related. Many countries have yet to declare their stance on crypto taxes, and this is causing a lot of tax returns to be filled out incorrectly. Israel is seeking to become a blockchain friendly nation, so these new regulations could help it become just that.
Cyprus Joining in
Cyprus is a very similar country to Malta, in the sense it’s a Mediterranean island with favorable banking and corporate tax laws. To this extent, Cyprus has announced its own blockchain innovation hub to keep pace in the blockchain space. This will help the country team up with blockchain companies to develop new regulations and laws that will protect consumers, while making it a simple process for companies to start operating on the island.
Malta Implementing its Own Regulations
Pioneering in the blockchain regulation space, Malta recently passed three crypto-friendly bills into law. These new laws have helped the country to attract huge names in the crypto world, such as Binance and OKEx. Off the back of its new legislation, the University of Malta has even created a blockchain scholarship in order to help foster innovation and blockchain knowledge in the next generation of workers.
Regulation is key to the next wave of crypto and blockchain companies that will innovate the space even further. In order to keep investors, consumers, and companies safe, regulations need to be put in place. While these regulations might cause some bumps along the way for companies already operating, they are still new and are expected to have teething problems. Blockchain hubs and intergovernmental cooperation groups – such as between Switzerland and Israel – will help this transition period be as smooth as possible.