Category Archives: Crypto Valley Association

Auto Added by WPeMatico

Swiss Bankers Act to Correct Anti-Crypto Bias

The Swiss Bankers Association (SBA) have stepped in an attempt to curb banks in that country from rejecting financial services to cryptocurrency-related companies.

The SBA is an organization which claims that it aims to achieve the best possible operating conditions for banks in Switzerland and is the umbrella organization of the Swiss financial center. Its stated primary objective is to create optimal framework conditions for Swiss banks.

The SBA has released a new set of guidelines to banks to create a more cooperative environment in view of many banks’ reluctance to do business in the crypto sector. Earlier this year, the financial director of Zug called for the SBA to make it easier for blockchain companies to meet their banking needs.

Director Heinz Tannlerand, together with financial director of Zurich Ernst Stocker, suggested then that if some of the complexities weren’t removed for Swiss-based blockchain companies wanting to open bank accounts, there would be a strong likelihood that firms will look to do business elsewhere, in countries which have more crypto-friendly banking systems.

Adrian Schatzmann, strategic adviser of the SBA, stated: “We believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts.”

New suggestions by the SBA, aimed at ICOs, calls for separate AML procedures for both fiat and crypto fundraisers. Oliver Bussman of the Crypto Valley Association suggests that “this provides more clarity not only to banks but also to startups”.

This suggestion should help to alleviate the concerns of many banks who expressly targeted the AML as their principal concern in dealing with companies offering ICOs. Reuters recently cited sources in the banking community who maintained that “banks are worried because some of the companies that carried out ICOs did not do AML checks on their contributors, meaning the banks themselves could fall foul of AML rules”.

Bussmann estimates that 530 crypto and DLT companies have set up shop in Zurich and Zug. One reason for Switzerland’s success as a center for blockchain and fintech, according to Swiss law firm MME, is the country’s openness to new business concepts and innovation. Marin Eckert MME partner said, “Swiss regulators are among the few that really have a deep understanding of the technology and how it works.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Swiss Bankers Act to Correct Anti-Crypto Bias appeared first on BitcoinNews.com.

Zug: The Swiss Model of a Crypto Friendly Society

The small town of Zug just outside of Zurich with a population of under 30,000 has become known as Europe’s crypto haven as the region embraces increasingly decentralized model, writes Business Insider.

Multinationals have been attracted to the town with its low 14% cooperation tax and it now attracts pharmaceutical and medical companies such as Shire, AstraZeneca, and Johnson & Johnson.

The town is a home for Crypto Valley Labs, a coworking space for Switzerland’s many start-ups which was opened at the beginning of the year with 40 paying members. Startup members often use the space when in town rather than work permanently from there. The Labs are due to expand soon, taking in another two-floors due to swelling business.

A spokesperson for Shapeshift, a fintech company based in the town, was attracted to Zug back in 2014 due to its crypto friendly position at a time when governments were generally anti-crypto due to the Mt Cox collapse and the Dark Net Bitcoin connection:

“We knew that crypto was a very new thing and various regulators might view it in different ways,” he said. “We wanted to find an environment where we thought it would generally be friendly. We identified Zug, and Switzerland in general, as a place that was open to this type of innovation… “

Such views are shared by many exchanges and companies now based in Zug, but it is commonly accepted that Nikolas Nikolajsen of Credit Suisse was a main driver of Zug becoming the crypto friendly space that it has become today.

Danish-born Nikolajsen, who set up the crypto service company Bitcoin Suisse in 2013, is regarded as the town’s cryptocurrency pioneer. Current BS CEO Arthur Vayloyan maintains that “Many knowledgeable people today know their thing because they were privileged to have [Niklas] as an initiator.”

“The whole starting point was the Ethereum Foundation,” Oliver Bussmann, president of the Crypto Valley Association, told Business Insider. “They decided to set up the foundation here and that triggered the set up of a new ecosystem — law firms, tax, accounting, smart contract evolvement firms, startups, universities.”

The Crypto Valley Association was set up at the beginning of 2017 to bring all of Zug’s crypto parties in tandem, forming the name from the topography surrounding the town combined with California tech centre, Silicon Valley.

Both Shapeshift and Bitcoin Suisse were in agreement, suggesting that the Swiss model should replicated everywhere,  as Vayloyan put it:

“Zug is definitely a great place to do business because you have this network, you have the government who supports it. You sense it, you sense that there is support in the crypto sphere. They are playing it very well.”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Zug: The Swiss Model of a Crypto Friendly Society appeared first on BitcoinNews.com.