“Nation of cryptocurrency” – Switzerland becomes a haven for ICO

“Nation of cryptocurrency” – Switzerland becomes a haven for ICO

The Swiss c enthusiasm took the idea of cryptocurrencies, unlike other global regulators.

The country readily accepted the culture of cryptocurrency that has already witnessed the leading role of the country as a permanent place for future ICO publication reports the FT. In the Canton of Zug is located the headquarters of the organization of the Crypto Valley (“Cryptocurrency valley”), an analogue of Silicon valley. The country also has a lot of blockchain-companies. At the moment Switzerland wants to secure its leadership in all aspects of cryptocurrency development.

At the conference for private and institutional investors devoted to cryptocurrencies for the first time held in the Alps in January, Johann Schneider-Ammann, head of the Department of economic Affairs, said that the country wants to become a “nation of cryptocurrency”. It was said with the proviso that the Crypto valley will continue to develop rapidly.

Switzerland is already an attractive country for companies of this sector, given the favorable legislative framework and transparency of doing business, which creates ideal conditions for the opening of the blockchain-related startups. Meanwhile, the reputation of the Alpine state spoiled the tendency of wealthy clients to tax evasion. New legislators should consider this situation when planning the Digital revolution to which they aspire.

To study the distribution of roles in the Bern established a working group to study the ICO, such operative group of the Commission on securities and stock exchanges of the USA. These same issues are dealt with and Management oversight of the operations of the financial market of Switzerland. Secretary, Ministry of Finance of Switzerland jörg Gasser noted that the market is still not “disciplined.” They are committed to a “prosperous” market ICO, but not at the expense of the standards and integrity of the financial markets.

Participants of the market criticised both the government’s position. So, Richard Olsen, founder of blockchain exchange Lykee, believes that there is no need to fix what is not broken, and offers to implement a system of independent control of ICO on the similarity of the sharing economy. But Switzerland will not allow the pendulum to swing strongly in the other direction, as are the regulatory protocols KYL (“know your customer”) and AML (anti money laundering).

According to the FT, from January to October 2017 Swiss ICO in total collected $ 550 million, while in USA this figure is $ 580 million. These two countries are the world leaders in the sale of tokens. In General, the ICO has collected about 4 billion U.S. dollars last year.

The attractiveness of Switzerland for ICO

The attractiveness of Switzerland in this area is obvious: it is confirmed by a wealthy local investors with highly skilled professionals in the field of technology. In 2018, the tendency for the development of the ICO. Industry trade group the Cryptocurrency of the valley receives up to 10 requests the ICO in Switzerland a day.

They want to ride on the success of other companies, including the developer of blockchain-based smartphones Sirin Labs — Swiss-Israeli startup, which has ICO more than 157 million dollars. The closest rival to Switzerland can be Gibraltar, where the ICO launched on the stock exchange.

There are, however, the history of failures. So, Tezos ICO, collecting 232 million dollars, has experienced a complete collapse. Reportedly, Johann Gevers, head of the investment Fund in Switzerland, involved in a scandal with the founders of Tezos, promised to resign once the situation with the project.

At the moment of the 10 upcoming ICO 40% will be held in Switzerland, according to PwC, given FT.

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