Swiss Institutions create Blockchain Association that aims to promote the use of Blockchain technology in the financial market. The association also plans on forming an open national standard for the Blockchain technology integration.
13 June, AtoZ Markets – The largest law firm in Switzerland has created a new Blockchain association in collaboration with Swissquote bank and banking software provider Temenos. The organization was created with the purpose of promoting the use of Blockchain technology in the financial market.
Swiss Institutions create Blockchain Association
The association has been entitled “the Capital Markets and Technology Association.” As per the official press release, the association aims to create tools that will help new and established businesses to integrate Blockchain technology into their operations. The association also plans on forming an open national standard for the Blockchain technology integration.
The Capital Markets and Technology Association is a non-profit and non-governmental organization. It will be able to function in an independent way. The organization will feature a board of technical experts, who will be responsible for supervising the projects.
Blockchain can reduce the complexity of the capital markets system
The association was created at the Ecole Polytechnique fédérale de Lausanne. The latter is a research institute and university that is located in Lausanne. The dean of the university’s School of Computer and Communication Sciences will be a part of the committee as well.
The CMTA will be led by Jacques Iffland, a partner at Lenz & Staehelin. He has commented on the launch of the new organization:
“The blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for start-ups. The current lack of legal certainty is slowing – and potentially compromising – its development in this field. By defining a set of industry-supported, open standards, the CMTA aims to facilitate access to funding for businesses, ultimately contributing to value creation throughout the economy.”
The CEO of Swissquote bank has also been quoted as saying:
“The combination of Switzerland’s regulatory framework and the emergence of new technologies provides an opportunity to simplify the manner in which companies can distribute their securities and raise capital, and also the manner in which investors can acquire and trade these assets.”
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