With the world’s most advanced free-market economies, Switzerland has also emerged as the hub for blockchain-related projects in the European market. As of late, what awaits is the launch of its much-anticipated project- a fully regulated crypto-trading platform for its users, known as SIX Digital Exchange (SDX).
According to recent reports, the launch could be further delayed as the exchange is still working on the legal and regulatory aspects for the successful launch of the blockchain project.
An announcement was made stating that the launch was to be postponed until further notice.
While the project is still in progress, it has come together with major banks across the country to discuss services that will be offered to its users.
On another note, the exchange drew the attention of the crypto-community after the launch of DLT-based trading and settlement prototypes. News of the development was communicated by Thomas Zeeb who is the Chairman of SDX and a Member of the Executive Board at SIX. He stated:
“The launch of this prototype is a major milestone in creating a credible digital infrastructure for moving our industry forward. We are now one step closer to demonstrating the viability of our vision for the financial markets of the future and, ultimately, for the way people and businesses access capital.”
Extolling the new project, Zeeb proudly stated that SIX was combining existing market technology with revolutionary new technologies to create the market of the future. He also highlighted the fact that SDX was a testament to the innovative nature of the Swiss stock exchange and the foresight of its shareholders.
During its initial phase, SDX will operate parallel to the existing SIX platforms.
Hopefully, crypto-traders and hobbyists can look forward to getting more benefits from these projects with the launch of SDX.
UAE notes surging crypto demand as country deliberates regulations
2019 has seen large-scale blockchain adoption. With China trying to beat the world to its central bank-backed digital currency, the United Arab Emirates [UAE] too, has begun drafting regulations. According to reports, UAE has been preparing for a rapid expansion in light of increasing demand for cryptocurrencies.
According to Google trends, the terms with an increased volume include, Bitcoin and cryptocurrency, along with other cryptos. However, apart from the search hike during the 2017-18 bull run, the trends for Bitcoin and cryptocurrency were at a rise in the UAE in 2019.
The search volume for Bitcoin remained quite high in the sub-regions of Umm Al Quwain, Ajman, and Ras al Khaimah. While ‘cryptocurrency’ search trends were high in Dubai, Abu Dhabi, and Fujairah.
Apart from the rising trend, the country has seen crypto transactions worth over $210 million, making it one of the top countries reporting digital asset transactions. At Dubai’s International Financial Centre the country registered 100 fintech firms, a three-fold growth since 2018.
In early 2019, two UAE startups raised almost $210.5 million in token sales, accounting for almost a quarter of the total capital amassed globally according to CoinSchedule in April.
According to reports, the increased trading has lured many institutional investors and may expand in Dubai mainly due to extensive inflows of institutional investors.
UAE had previously announced its Securities and Commodities Authority [SCA] had sought the opinion of financial industry partners for finalizing the draft. For which it invited various investors, brokers, financial analysts, researchers, media and other interested parties to review the draft.
SCA had also announced to introduce Initial Coin Offering [ICO] by the end of the first quarter, while it was working on the ICO token trading platform.