Switzerland Creates “Crypto Valley” as the Safe Haven for ICOs
For years, Switzerland has been the haven of global wealth, accounting for 27 percent of the global offshore money.
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Switzerland Creates “Crypto Valley� as the Safe Haven for ICOs
For almost a century, Swiss banks had resisted every attempt by global authorities to regulate the deposits made by foreign clients. Protecting the privacy of their customers was the foremost motto of Swiss bankers, and they did justice to it for years. However, things changed recently when the mighty Swiss banking authorities had to finally bow down in front of the US. Combined efforts of US Department of Justice and Criminal Investigations Division of IRS shut down one of the oldest Swiss banks on charges of aiding in tax evasion. Not only that, they also levied huge fines on various Swiss banks for similar charges. It looked as if Switzerland might lose its spot as the king of global wealth soon. But that was not to be. Switzerland recently founded the "Crypto Valley" in Zug, a place all about cryptocurrency (similar to Silicon Valley in the US, the ultimate haven of tech giants). The nation went a step further and formulated new regulations for cryptocurrency, as suggested by the Financial Market Supervisory Authority (FINMA). With this, Switzerland is looking forward to be the crypto hub of the world.
The Crypto Valley Association stated
that Switzerland is trying to provide a safe environment for the development of crypto, block chain, and related technologies. According to the head of Department of Economic Affairs in Switzerland, the nation is looking forward to the booming ICOs in the crypto market. ICOs, or initial coin offerings, are one of the most successful methods used by cryptocurrencies to raise initial capital. They are symbolic contributions by investors, and may or may not provide returns. While the world is debating over the security of ICOs, Switzerland raised about $550 million funding for native ICOs in 2017 (accounting for 14 percent of the global market cap at that time). The biggest success story was perhaps of Tezos, a cryptocurrency based in Zug. While Tezos is facing multiple lawsuits in the US, it is flourishing in Switzerland.
FINMA explicitly state ICOs as security The regulations put forward by FINMA explicitly state ICOs as security and exempting them from general taxes that normal currencies are subjected to. Tokens that are already launched would be exempted from this, while cryptocurrencies used only as a payment method would be subjected to anti-money laundering measures. But by and large, ICOs will soon find Switzerland to be the most beautiful place to be in.
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