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Switzerland Has Become the New Cryptocurrency Hub

Samantha Mitchell

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Canton of Zug

A small town in Switzerland, which has been christened as Crypto Valley, has suddenly transformed into a Cryptocurrency hub. Recently, a huge number of investors have been seen flooding this area even as one Blockchain professional declares it a financial revolution center.

An Evolving Virtual Currency Haven

Just half an hour drive from the main Swiss capital, Zurich, lies a small city always referred to as the canton of Zug. This small city has finally become the latest hub of Cryptocurrency. This followed the directive of the city council to allow Bitcoin to be used as a fee payment method for the registration office that serves the residents.

As reported in the Frankfurter Allgemeine, a local newspaper in Switzerland, Zug rose to the high ranks in the world of Cryptocurrency in 2014 when Vitalik Buterin, who later invented Ethereum, settled there.

Switzerland is now strategically placed at the helms of a tiny revolution in the whole financial sector. Those were the words of the person who heads Smart Container Group, a Blockchain-based logistics agency working in the city of Zug, Richard Etti.

And just a few hours ago, the person who is in charge of the Ministry of Economic Affairs in Switzerland, Johann Schneider-Ammann, gave out his hopes that the virtual currency will move out of the city of Zug and spread to other places in the country.

Crypto Nation Switzerland

According to Mr. Schneider, the talks of the Crypto Valley Zug shall have diminished in the next five or ten years to come. At that time, everybody would just be talking about the Crypto Nation Switzerland.

According to the words of the UBS former head of IT and innovation, Oliver Bussman, over fifty startups; both from the Blockchain and the virtual currency world have decided to settle in the canton. At the moment, Mr. Oliver Bussman works at the Crypto Valley Association as the manager and also doubles up as Blockchain entrepreneur advisor.

More People Want to Move to Zug

As part of his day-to-day activities as an advisor to Blockchain entrepreneurs, Mr. Bussman revealed that he receives close to five inquiries from various stakeholders in the world of virtual currency every day. These are people who want to move their businesses to Zug.

A research that was undertaken by PWC, a consulting company revealed that various firms across the world raised capital of $4.6 billion through the ICOs, {Initial Coin Offerings} that were held in last year alone.

One of the main benefits that draw many traders to the canton appears to be how the whole region has opted to take a liberal regulatory approach. Zug’s head of work and economy’s office; Bernhard Neidhart noted that this whole approach is what has improved the use of the entire Blockchain in the region. This even includes the applications of non-cryptocurrency applications. The Swiss Financial Market Supervisory Authority, which is the main financial regulator for the country has also shared its views concerning the new interests that have risen in the world of digital currency. It said that it has plans of regulating ICOs so that they can apply laws for anti-money laundering to certain sales.

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