Swiss State Secretary Joerg Gasser says that due to the international nature of fintech, standards rather than regulations are key to enabling growth and adoption.
Speaking at this year's Singapore Fintech Festival, Swiss state secretary Joerg Gasser (pictured above) explained that the industry has moved past the hype cycle based on the following developments:
- Powerful investors are getting involved in blockchain solutions
- An increased demand for regulators to develop regulatory frameworks for blockchain solution
- The Swiss stock exchange, SIX, will be launching an end-to-end settlement solution based on DLT
In summary, «the hype has settled down, and real and applicable solutions are being developed,» Gasser said, attend a panel discussion entitled: «Capital Markets: Killer Use Case for Blockchain?»
Improved Market Efficiency
Gasser opined further that regulators will need to take an open, collaborative approach toward Distributed Ledger Technology (DLT) to help improve market efficiency, and this approach has since helped open and grow the Swiss market.
But due to the international nature of fintech, standards rather than regulations are key to enabling growth and adoption, the Swiss state secretary said.
Switzerland Well Positioned
He believes that only through technologically neutral regulations can technology and solutions be developed to best solve customer issues.
Gasser also stressed that Swiss regulation is principle-based and technology-neutral. This makes Switzerland an ideal center for fintech companies as the regulator is acting like a partner that supports innovation, he concluded.
