Crypto Revolution in Switzerland

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Switzerland is known for its safe depository of assets, property, and upright legal administration. Throughout the past years, Switzerland has entrenched itself as an appealing stopping place for cryptocurrency projects. The country is now considered the major universal centre of cryptocurrency. The county has established its first Bitcoin ATM in Zurich.

A town half an hour away from Zurich named Zug, which was once known for its Cherry production, was dubbed as “crypto valley” because of the huge number of projects. Zug is now the residence of more than a thousand companies and large firms and has a large number of cryptocurrency projects.

Since 2016 the town has also started accepting Bitcoin. Another town in competition with the Zug as “Crypto Polis” has also started accepting Bitcoin payments for certain taxes. Since November 2016 the city also started a blockchain identity system for the people “Crypto Valley” has decided certain objectives and goals to be completed. The major aim was to commence with start-ups dealing with virtual currencies and trading.

The objective was achieved to some degree. According to the report of Swiss Financial Watchdog Finma, out of the six Initial Coin Offerings, four happened in Switzerland.

Switzerland has a huge number of companies incorporated with it, majorly due to the country’s financial history. It is considered as one of the major financial centres of the world.

Cryptocurrency companies generally face two major problems which inculcates compliance with the regulations and laws of the country in which the organization is associated. Lawyers have worked hard enough in order to establish an outstanding legal structure which helped the country to be known as the global crypto hub.

Moreover, the banking outlook of the country is very competitive. The country has many legacy crypto banks such as SEBA and Sygnum which accept cryptocurrency projects. Sygnum is a Swiss tokenisation programme, it has popped up in the field of legal changes. It also lets the companies equip digital shares.

Former head of Falcon bank’s cryptocurrency unit, Katie Richards, says that the cryptocurrency market has matured and new financial products are being developed. She also claims to have organized the Swiss offices of crypto investment cyber capital.

Initially, the cryptocurrency companies started settling in Switzerland in 2013, but the industry took hold after the boom in bitcoin prices, almost after four years.
The country already has non-profit associations to store millions of dollars funded by the blockchain and crypto projects. The military centers have been converted into crypto storage centers.

The industry has witnessed tremendous growth. Starting from the Crypto Valley the sector has extended across the French, German and Italian speaking segment of the country.

In September, the Swiss parliament passed an act in order to update the current financial rules and regulations. The Blockchain Act directs the assembly of decentralized technologies and also maintains the country’s image and reputation as a financial hub. But, only the few banks have started to splash in crypto services. Banks dwell on the running into money laundering problems. Due to this, many start-ups are facing issues in order to obtain a bank account in Switzerland.

Besides, the defenders of decentralization are against the regulatory intervention. They basically argued on the fundamental qualities of bitcoin and also stated that keeping it dressed will make it look more favourable.

Switzerland has been rated as the first crypto friendly European country, by the report, Blockshow 2018. This report concentrates on the regulations of crypto and blockchain. Switzerland has developed its name as the global hub of crypto related projects for both investors and entrepreneurs across the world.

Due to the solid property rights, fair legal structure and the history of financial security Switzerland is the absolute destination to seize the crypto revolution.

The article provides the exact and authentic knowledge about the cryptocurrency revolution. To get the latest updates on cryptocurrency and Blockchain do visit at this platform.

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