A cryptocurrency is a currency which is entirely digital and can be only used within a digital space. The type of currency is also normally very stable, safe and secure as it is built upon deep encryption methods and is almost entirely impossible to counterfeit.
Cryptocurrencies are only able to work when a receiver has the ability to decrypt the currency and is then able to use it. This is an added layer of security which prevents cryptocurrency theft.
Investors should know that as cryptocurrencies are separate from banks, they are also spared from local government regulation. We have agents who are able to further assist with the development of a cryptocurrency in Switzerland.
Fintech companies are popularly becoming cryptocurrency developers, as they have the infrastructure prepared already and can redesign it to suit a cryptocurrency. For those who are planning on developing a Swiss cryptocurrency and are scouting locations to base the currency, it would be wise to base it in Zug. This canton is famous for its low taxes and its business-friendly regulation.
On top of this, Zug is the world leader in cryptocurrency businesses, so there are assistance and other means of service assistance in place to help start-ups and investors in this business.
With bitcoin being so new, there are very few countries which are currently regulating it and a number of nations who have absolutely zero legislation around it is high. Though, in Switzerland, bitcoin is legally recognised as a currency and is able to be used in most cases to purchase goods and services. We have agents in Switzerland who are able to answer your questions when starting a cryptocurrency in Switzerland.
Registration requirements for a Swiss cryptocurrency company
It is safe to assume that any business in Switzerland which undertakes financial operations is required to be authorised by the Swiss Financial Market Supervisory Authority in order to begin operations. Although, in the case of cryptocurrencies, there is no current requirement for the authorisation from FINMA as the cryptocurrency sector is not regulated by the state.
Although there is no FINMA requirement, there are other regulations which must be followed with regards to bitcoin transactions. This includes abiding by the Swiss Anti-Money Laundering Act, which is vital to ensure there are no legal issues or law-breaking activities unknowingly undertaken by the business. This act also extends to any operation which is undertaken on trading platforms.
An important note to make is that FINMA authorised the very first bitcoin movement on the Bitcoin Stock Exchange back in 2015.
As the cryptocurrency business is fairly new, we recommend speaking with consultants before delving into developing a cryptocurrency in Switzerland. Our agents are able to go over the regulations as well as taxation and business registration requirement.