Switzerland Tries to Stem Exodus of Cryptocurrency Firms
Regulators in Switzerland are trying to stem the exodus of cryptocurrency firms after two banks in the country’s small but flourishing virtual currency industry shut down recently.
Industry insiders are worried that the exits could kick-start a trend that will cause Switzerland to lose its edge as a cryptocurrency haven, according to Reuters. Some customers are flocking to offshore rivals Liechtenstein, Gibraltar and the Cayman Islands, which are more accommodating.
Switzerland is home to “Crypto Valley,” located in the affluent, picturesque village of Zug. Zug is currently home to more than 200 virtual currency entities, including many blockchain companies. In recent years, it has become a haven for crypto businesses due to its low taxes and business-friendly laws.But the Swiss central bank’s reluctance to facilitate easier access to the country’s banking system has become a roadblock.
