Switzerland Becomes One of the Most Crypto-Friendly European Countries

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While countries such as Europe reject cryptocurrencies, Switzerland is embracing Bitcoin and the likes with open arms. With some latest regulatory moves, Switzerland has become one of the strongest crypto-friendly countries in Europe. That goes double for the canton of Zug where the Crypto Valley Association is located.

Numerous crypto companies, organizations, and associations have settled in the canton of Zug. Thanks to the efforts made by the Crypto Valley Association, citizens of Zug will be able to pay their taxes with Bitcoin and Ethereum very soon. It’s a whole new world our there, and Zug and Switzerland are going with the flow.

Swiss Innovation

A set of new blockchain laws have just gone live in Switzerland, setting up cryptos as de facto money. Fewer obstacles for blockchain apps, more legal security, and minimization of abuse are the cornerstones of the new laws. Amid the COVID-19 pandemic in June, the Swiss National Council already approved new amendments to the law which should improve the regulatory framework for the blockchain industry in the country.

In early September, the Swiss parliament announced that the Council of States has just approved the bill.  This once again proves that Switzerland’s goal is to become the most crypto-friendly country in Europe. And that’s not a surprise. Swiss banks and financial services are a cornerstone in the industry, and it’s obvious that Switzerland uses the same methods for cryptos.

The fewer hurdles mean more innovation. It should now be easier for companies in Switzerland to offer financial services to professional and institutional customers. A new category of authorization will reduce the risk of crypto abuse, and separating crypto assets from bankruptcy estate will be clarified by the law.

Thanks to the flourishing crypto scene in Zug, Switzerland has emerged as a global hub for initial coin offerings. The canton of Zug leads with crypto innovation, allowing many companies and organizations to settle right there. A new regulatory framework is being currently built for Zug which will allow citizens to pay their taxes and for various services using Bitcoin and Ethereum pretty soon.

Cryptos Stronger Than Ever Amidst the Current Financial Crisis

During the coronavirus pandemic this year, many countries have lost the financial stability they were once known for. That doesn’t appear to be the case with Switzerland, who brought many of the new crypto laws right in the middle of a global pandemic.

The removal of various hurdles for blockchain apps and higher security will surely attract foreign investors to Switzerland. A collaboration with the popular European payment provider and transaction service Worldline has pushed Swiss Bitcoin broker firm Bitcoin Suisse to raise the acceptance of cryptos in the European country. The companies’ new partnership enables online merchants in the countries to accept crypto payments, which is something not many other European countries can be proud of. Before it, Swiss Bank SEBA was the first one to offer crypto services to its clients.

All of this has strengthened the position of Switzerland as the most crypto-friendly country in Europe. If it continues on its way, it’ll surely become the crypto haven many have been looking for.

September 16, 2020: • No Comments

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