Bitmain, the Chinese giant in the field of bitcoin mining has created a new subsidiary in Switzerland.
The Swiss news service Handelszeitung reported that the company has set up a subsidiary Bitmain Switzerland in Zug. A favorable regulatory environment have transformed the place into a Swiss “Cryptocoryne”, where a number of cryptocurrency and blockchain startups have their headquarters.
This solution manual Bitmain took after the Chinese government statements of intent to ban mining in the country. Local media reported that this will be achieved through the introduction of appropriate taxes and regulation of the land policy and the provision of utilities required to run the energy-intensive mining farms.
According to Handelszeitung, Bitmain is also considering the option of creating office outside China as a way to expand its presence in Europe.
Representatives of the company said about this:
“Bitmain Switzerland will play a key role in our global expansion”.
In addition, the company said it plans in coming months to expand its operations in Switzerland, hiring new employees and organize the work with authorities, including the Swiss service for supervision over financial markets (FINMA).