Cryptocurrency and related cryptologie become one of the most popular areas of investment and entrepreneurial activity over the past few years, attracting the sector billions.
Cryptologia called bacchanal, can potentially improve the efficiency of the existing enterprises and create new business opportunities, by removing intermediaries and centralisation of services. Many evangelists compare the potential of the blockchain with the potential of the Internet.
Despite its decentralization, the development of technology, as a rule, occurs in certain places: Silicon valley, new York, Malta, Gibraltar, Singapore and Switzerland — the key hubs.
Switzerland, or rather the small town of Zug, near Zurich, is home to the “Crypto Valley”, a group of cryptocurrency companies and assets.
Last week, Business Insider went to Zug for a conference Crypto Valley to learn how to develop the hub, how important he is and why companies choose Switzerland.
Many transnational corporations are involved in low tax Zug. Region, or “Canton”in the Swiss language, charges a 14% corporate tax. This is one of many business strategies in the region.
Zug is too small to have its own airport so to get there, you need to catch a train, which regularly runs directly from Zurich airport.
The city itself is very small and mostly centered around one road that stretches from the business district to the North and to the old town in the South. People live in the area from 600 ad, although no old building in the city is not preserved.
A journalist from Business Insider arrived the day before the conference and postelsia in the city, to understand the meaning of this place. Given the nickname the Crypto Valley, he expected to find stores that accept Bitcoin, or perhaps even point of sale of cryptocurrencies, but it took some time to identify the features of cryptography.
However, the fact that the city’s money, became clear at once. The silence was broken the sound of high performance engines, luxury cars of local residents.
In 2014 governments and regulators was unusual to discover cryptography. It was the year when the infamous darknet market Silk Road, which is closely related to Bitcoin, was closed by the FBI, and the cryptocurrency exchange MtGox collapsed after a catastrophic hacking.
Zug so early adopted the cryptocurrency thanks to one man — Nikolai Nikolaisen. Nikolaisen worked as a developer in Credit Suisse in Switzerland before you leave and founded in 2013, the service cryptographic services Bitcoin Suisse.
“The government has raised a lot of questions to the founder of Bitcoin Suisse — what is it, how does it work?” says CEO Bitcoin Suisse Arthur Vayloyan. “He was very actively involved in consulting and training of those who wanted to know about technology more. Many people today know their stuff because they had the privilege to learn from Nicholas.”
It is thanks to him in Switzerland so early began positively for cryptocurrency, by defining its attitude clear standards.
Clarity is a good thing for business. For this reason, the cryptocurrency, the company reached out to Zug. Even Ethereum Foundation can be found here. The latter has spawned a new ecosystem of legal, accounting and tax firms, start-UPS and universities engaged in the development of smart contracts.
Crypto Valley Association was created in early 2017 to coordinate the activities of all stakeholders.
“There were many informal meetings, which we began to use the term crypto-valley,” said Bussmann, the former CIO of UBS. As the above-mentioned Silicon valley, Zug is actually in a valley surrounded by mountains.
In 2018 appeared Crypto Valley Labs, which is a platform for co-working. Representatives of startups are going the two-storey building for work, when they are in Zug. It is cryptomath. The coffee shop accepts Bitcoin, and elections are held in the city using the blockchain.
It became clear, in what a secret of popularity of Cryptocurrency Valley. Companies that want to develop in the field of cryptocurrency and blockchain can rely on the support of regulators, not expecting any trick. They can be assured that their interests correspond to the interests of the government and regulatory bodies. For this reason, all drawn in Zug.