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Open banking has grown to become a global phenomenon and while pioneers like the UK and the European Union (EU) have turned to regulatory action to support the industry's transition into this new era of banking, legislators in Switzerland has reacted more cautiously so far. The Swiss Bankers Association (SBA) has already rejected the proposal for an interpretation of PSD2, the EU's second payment services directive, to be adapted to the Swiss market and have instead let the market decide how the topic should be tackled.

"In this paper, we show that approaches based on this type of CBDC design are unlikely to satisfy user demand. We argue that it is more important to focus on the payment system. Drawing on the experiences in Brazil (Pix) and Switzerland (Twint), we show that successful payment systems do not require users to hold system-specific payment assets, making them convenient and accessible. An important motive for the ECB to develop a digital euro is to preserve monetary sovereignty and strategic autonomy. A European payment system could ensure autonomy over such a critical infrastructure of an economy. For it to succeed, the ECB should look to and learn from the best examples."

Some U.S. crypto firms are looking for bank accounts offshore. Sygnum in Switzerland and Bank Frick in Lichtenstein have seen an increase in requests to open accounts, and industry sources have pointed to SEBA Bank in Switzerland, FV Bank in Puerto Rico and Jewel Bank in Bermuda, EQIBank in Dominica, as well as Tether and FTX-tied Deltec in the Bahamas, as options for U.S. dollar-based banking. However, only crypto companies that are regulated and have proper compliance and governance will likely be able to access non-U.S. banks.

The Swiss Federal Council has initiated a public consultation on the adaptation of specific federal law provisions to developments in DLT and blockchain, after publishing a very comprehensive report on DLT and blockchain in last December. http://www.mll-legal.com/news-events/news/details/crypto-nation-switzerland-moves-forward-fast-swiss-government-proposes-dlt-uncertificated-rights-wi/

Facebook has set up a new Fintech company, Libra Holdings, in Switzerland focusing on blockchain and payments as well as data analytics and investing, Geneva's commercial register shows.

SIX Digital Exchange (SDX) formally received the go-ahead from the Swiss Financial Market Supervisory Authority (FINMA) to operate a stock exchange and a central securities depository for digital assets in Switzerland. This authorization enables SDX to go live with a fully regulated, integrated trading, settlement, and custody infrastructure based on distributed ledger technology for digital securities. https://www.finma.ch/en/news/2021/09/finma-issues-first-ever-approval-for-a-stock-exchange-and-a-central-securities-depository-for-the-trading-of-tokens/

"The issuance of retail central bank digital currency (CBDC) entails a transfer of risk from commercial banks to the central bank. While this paper does not provide an overall assessment on whether or not to issue a retail CBDC, it analyzes how different mechanisms to limit the risk transfer, such as an unattractive interest rate on retail CBDC, a quantity ceiling or preventing convertibility of cash and reserves into CBDC, have different effects on the ability of retail CBDC to fulfil its intended purposes. In particular, these mechanisms hinder the use of CBDC as a medium of exchange. Specific aspects of demand and challenges related to a potential retail CBDC in Switzerland, namely, a small open economy with a safe-haven currency and a low level of government debt, are discussed."

"In our overview of open banking in Europe, we look at what open banking really means in Europe relative to the rest of the world and caveat that its evolution into open finance is more than just about expanded scope. We then justify our choice to focus on the Netherlands, France, Spain and Switzerland instead of on Europe's top-four open banking performers of Sweden, Denmark, Norway and the UK."

The IMF finds that "risks in Switzerland's rapidly growing fintech space may not be well understood due to data gaps, resource constraints, and the authorities' liberal approach."

"Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association."

Sygnum has become the world's first regulated Digital Asset Bank - a first for Switzerland, the finance industry and indeed the world.

The group of six US legislators will hold a meeting with the Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger. It will be led by Maxine Waters, Chair of the House Banking Committee.

The Swiss Confederation has much clearer crypto regulations than the United States, which has done little since the birth of Bitcoin to simplify the regulatory complexities lying in wait to bite any company looking to establish a crypto or crypto-related business within its confines.

SNB's governing board chair Thomas Jordan: "if stablecoins pegged to foreign currencies were to establish themselves in Switzerland, the effectiveness of our monetary policy could be impaired."

The BIS and the HKMA have today signed an Operational Agreement on the BIS Innovation Hub Centre in Hong Kong. The Hub will identify and develop in-depth insights into critical trends in technology affecting central banking... Hub Centres will be set up in Hong Kong, Singapore and Basel, Switzerland, in the initial phase.

Switzerland is more worried about cryptocurrency projects developing outside official scrutiny than about the Facebook-conceived Libra project, which is being handled with openness, the head of Swiss financial supervisor FINMA said on Tuesday.

Swiss financial regulator FINMA confirmed in a guidance note on stablecoins Wednesday that it had received a request for an assessment of how it would classify the Libra project as currently planned. The agency added that range of services projected by the Libra Association would need extra oversight.

French insurer AXA's Swiss arm announced that its customers are now able to pay their non-life policy premiums in bitcoin. Life insurance products do not carry this option for "regulatory reasons." AXA will not be holding any bitcoin on its balance sheet. Bitcoin paid goes to broker Bitcoin Suisse, which will convert them into Swiss francs minus a 1.75% fee.

Facebook's Diem project is shifting its main operations from Switzerland to the United States, and withdrawing its application for a license from Switzerland's FINMA, as it is not required under the new model. Diem will partner with Caliafornia state-chartered Sivergate Bank who will become the exclusive issuer of Diem's USD stablecoins and will manage the USD reserve. And Diem Networks US will register as a money service business (MSB) with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).