The roots of cryptocurrency innovation and growth may originate in Switzerland, or more specifically the region of Zug. Zug has been dubbed and officially recognized as the “Crypto Valley” of the country. Switzerland and its government were known to initiate and accept cryptocurrency for regular transactions. Moreover, the region of Zug was a designated meeting place for activities related to cryptocurrency such as crypto tech, investments, and initial coin offerings.
Crypto Valley Association
The Crypto Valley Association is a cryptocurrency hub that handles events and conventions in Switzerland. The driving forces that validate Switzerland’s exemplary regulation of cryptocurrency and blockchain are its government structure, flexibility, and business atmosphere.
Switzerland is a country that delegates its position across different regions or twenty-six cantons. The power of the government is distributed and decentralized which is similar to the structure of a blockchain. Taxes vary from region to region wherein the region. Meanwhile, the region of Zug began to accept bitcoin as payment for taxes in 2016. It’s a government structure that exerts independence and resilience.
Blockchain Framework through Self Regulation
The Swiss Federal Council has been supportive in implementing a blockchain framework in its financial sector. Thanks to the Minister of Finance, Switzerland is on its way to innovating cryptocurrency and incorporating a blockchain system. Hence, the Swiss Blockchain Federation was established. Swiss financial market regulator FINMA encourages self-regulation as a future policy which would allow the country to move forward more rapidly in new technology.
Finally, Switzerland is known for its numerous and successful business start-ups and ventures. Businesses are empowered by the country’s excellent business connections, low business taxes, and exceptional educational system. Swiss Franc has maintained a strong currency value, while the country continues to have a steady economy. Without a doubt, cryptocurrency and blockchain would continue to develop and prosper in Switzerland.