Switzerland Is Trying To Bring Back Its Top-Place In Cryptocurrency

According to the recent news regulatory agencies of Switzerland are making an attempts to stop a mass exodus of cryptocurrency programs from the country.

Hence, Switzerland is missing business to offshore competitors  among them Liechtenstein, Gibraltar and the Cayman Islands, where banks are at the first place. The crypto-based industry in Switzerland has increased quickly and hires hundreds of employees, as per to local officials. Besides, followers as well examine it a key innovation for the future of worldwide finance.

For instance, the wealthy Swiss district of Zug has been named “Crypto Valley”, with 200-300 virtual currency enterprises and organizations starting their activity there in last years.

Switzerland’s financial market supervisor FINMA has conducted negotiations with the SNB and bankers’ association regarding the question how to turn banks  more available to cryptocurrency ventures.

Nevertheless, to ensure the legal framework for  ICOs starting and for banks to do business with cryptocurrency companies is not easy. There is a great risk of fraud and lack of transparency regarding the person who owns cryptocurrencies like Bitcoin and Ether. Among countries that are increasing scrutiny of the sector can be mentioned the United States.

Banks in Switzerland are concerned as several firms that implemented  ICOs did not do anti-money laundering (AML) checks and registrations.

In general Switzerland’s authority bodies have indicated they want to establish conditions for the country to stay competitive but with no frauds or financial crime.