What makes Switzerland so attractive for crypto investors?
One of the biggest drivers behind the push to accept cryptocurrencies in Switzerland were the consequences of the country ending its banking secrecy policies in January 2017. This lead to investors becoming bearish on the country and thus backing out.
The Swiss Government had no other choice than to push to become the global cryptocurrency leader in order to fill the gap left by the investors retreating after banking secrecy ended. Financial professionals in government and in most business sectors developed new legal frameworks and innovated in countless different ways in order to make sure the country was legally compliant with global standards.
As a result of the push for compliance, Switzerland was declared almost entirely compliant with the Global Forum on Transparency and Exchange
of Information for Tax Purposes. This now means investors and businesses in crypto can now focus on their migration to Switzerland.
Switzerland offers an attractive Environment for blockchain
startups and cryptocurrencies.
The biggest benefit to cryptocurrency businesses in Switzerland would have to be the outpouring of support from both the private and public sectors. This support makes investors and consumer uptake of crypto-based services a lot greater in Switzerland than almost anywhere else in the world. The local economy is also exceptionally liberal toward cryptocurrencies in Switzerland and that means taxes are low and business assistance is easier to come by.
However, one of the biggest supporters of crypto in Switzerland are the big banks like UBS
, who are developing their own cryptocurrencies which are tied to central banks and backed by fiat currency. On top of UBS, the Swiss Bank, in partnership with Deutsche Bank
, is also developing their own Utility Settlement Coin which enables financial markets to distribute payments and transactions in a secure way by using the blockchain.
In summary, the environment for cryptocurrencies in Switzerland is very positive and is extremely investor and developer focused. That means that companies working in the crypto field are far more likely to be successful and receive the assistance they need.
If you need extra assistance or more information on the Swiss business environment for cryptocurrencies then feel free to reach out to our team for some more information.