The past year has seen such a major shift in blockchain in Switzerland, pushing it to the top of the financial development agenda. This explosive growth in interest and companies moving to Switzerland to conduct blockchain business has even convinced the Financial Director of Zug, Heinz Tännler to organise a working group for blockchain companies in Switzerland. The Swiss Bankers Association or the SBA was requested by Tännler to form the working group to allow blockchain companies easier access to Swiss bank accounts.
Currently, blockchain and crypto companies in Switzerland are having trouble registering and launching their business in Switzerland as it's hard to open
a bank account. The Financial Director of Zug has acknowledged this as a major issue and has paired with the Financial Director of Zurich to highlight the issue for the Federal Council. This has shown Switzerland's true feelings on the blockchain boom, and this move should certainly restore faith in all blockchain and cryptocurrency companies looking at Switzerland.
The major reason behind the working group for businesses in blockchain in Switzerland was to cut off and restrict other countries from effectively 'poaching' businesses that would have chosen Switzerland as a place to operate. Losing business in this lucrative and fast-growing market could present a major issue – hence the push for a working group.