- Switzerland’s EMBAG law mandates open-source software for government and contractors, enhancing transparency and efficiency.
- Sygnum Bank saw a 500% surge in crypto derivatives trading, fueled by U.S. approval of Bitcoin and Ethereum ETFs.
- EMBAG aligns with blockchain principles of transparency, boosting digital governance and reflecting European open-source trends.
The EMBAG law, which requires the government and its contractors to use open-source software (OSS), represents an advancement in digital governance for Switzerland. This action, referred to as the “public money, public code” strategy, attempts to improve operational efficiency, security, and openness in government processes. Switzerland aims to strengthen digital infrastructure and public trust by providing software source codes.
Challenges and Triumphs to EMBAG
There were many difficulties along the way to this legislation. With the publication of Open Justice by the Swiss Federal Supreme Court in 2011, the movement toward open-source government software got underway. Notwithstanding a number of obstacles, the EMBAG was passed, providing open-source software supporters with a resounding win.
Under the EMBAG, the Swiss government and its contractors must release software code under an open-source license. However, this does not apply in cases involving third-party rights or security concerns. This policy aligns with broader European trends favoring open-source solutions to boost government efficiency and accountability.
Furthermore, transparency, a fundamental component of blockchain technology, is reflected in Switzerland’s new law. Blockchain places a strong emphasis on immutability and openness; principles Switzerland is now emulating with its dedication to open code. Leading the way in improving digital governance is Switzerland, with its integration of blockchain and open-source technologies.
Sygnum Bank’s Growth Amidst Crypto ETF Surge
The Swiss cryptocurrency bank Sygnum Bank turned a profit in the first half of 2024. This success coincided with an increase in trading volumes when Ethereum and Bitcoin ETFs were permitted in the US. The number of spot trades on Sygnum doubled while the trade in cryptocurrency futures grew by 500%.
The bank’s loan division experienced expansion as well. Lombard loan volumes surged by more than 360%, while the number of clients almost doubled. Sygnum credits its success to enhanced trading capabilities, tactical alliances, and a committed group of more than 250 experts.
Martin Burgherr, Chief Client Officer of Sygnum, credited the launch of spot Ethereum and Bitcoin ETFs for the increase in trading volumes. The introduction and acceptance of Ethereum and Bitcoin ETFs this year, he claimed, marked a turning point for the cryptocurrency. Consequently, there was a sharp rise in demand for secure, regulated exposure to digital assets.
Exchange-traded products (ETPs) with a crypto component are offered by Sygnum. One such product is the Sygnum Platform Winners Index ETP, which includes Bitcoin, Ether, Solana, Cardano, and Polkadot. As a result, Sygnum is positioned to profit from continuing advancements in the cryptocurrency.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
