Declaring itself the strongest promise to be the center of the world in blockchain technology is quite easy – and lots of potencies do it. However, it takes more than words to become, as its known, the Silicon Valley of cryptocurrencies. The strong banking system, progressive legislation, high education rate, low taxes and crypto investments are driving the small town of Zug, in Switzerland, to that title. And this article will show you why.
Switzerland, or officially the Swiss Federation, is one of the first countries to have shown a positive attitude toward bitcoin and has providing support and decent conditions for investments, ICOs and developments. As consequence, Swiss is in the list, with 48 European countries, of best places for starting a blockchain technology, followed by Gibraltar and Malta in second and third respectively.
Interventions and classifications in the market are made by the national Financial Market Supervisory Authority (FINMA), the institution responsible for clarifying some key rules, regarding ICOs and how tokens generated should be treated. In public announcement was announced:
“The parliament is well aware of the phenomenon and urges the government not to miss the opportunity to be amongst the first countries to attract blockchain-related actors. The political stability of Switzerland makes it an ideal place to develop business in general. Besides the economic actors, several scholars conduct research in economics and law about blockchain in Swiss universities.”
The sharp increase in the number of ICOs in Switzerland made FINMA to publish guidelines under Swiss anti-money-laundering and securities laws. According to the document, many ICOs will be treated as securities in Switzerland.
“Our balanced approach to handling ICO projects and enquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.” FINMA CEO Mark Branson commented.
As exceptions, neither tokens used to access a platform that is already up nor cryptocurrencies that function only as a means of payment will be considered securities. Both will be regulated by the government and the latter is supposed to be subject to anti-money laundering regulation.
The company responsible for Switzerland’s principal stock exchange, Swiss Infrastructure and Exchange (SIX), announced that is creating a fully integrated trading, settlement and custody infrastructure for digital assets. The project is fully regulated as an operator of Financial Market Infrastructure (FMI) by the Swiss National Bank, FINMA and Swiss authorities, and aims to plan a “digital asset ecosystem”.
“This is the beginning of a new era for capital markets infrastructures. For us, it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.” shared Jos Dijsselhof, CEO of the Swiss Stock exchange.