Switzerland Creates “Crypto Valley” as the Safe Haven for ICOs | Cointific.com

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Switzerland Creates Crypto Valley as the Safe
Haven for ICOs
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Switzerland Creates Crypto Valley as the Safe
Haven for ICOs
For almost a century, Swiss banks had resisted
every attempt by global authorities to regulate
the deposits made by foreign clients. Protecting
the privacy of their customers was the foremost
motto of Swiss bankers, and they did justice to
it for years.
However, things changed recently when the mighty
Swiss banking authorities had to finally bow
down in front of the US. Combined efforts of US
Department of Justice and Criminal
Investigations Division of IRS shut down one of
the oldest Swiss banks on charges of aiding in
tax evasion. Not only that, they also levied huge
fines on various Swiss banks for similar
charges. It looked as if Switzerland might lose
its spot as the king of global wealth soon. But
that was not to be.
Switzerland recently founded the "Crypto Valley"
in Zug, a place all about cryptocurrency
(similar to Silicon Valley in the US, the
ultimate haven of tech giants). The nation went
a step further and formulated new regulations for
cryptocurrency, as suggested by the Financial
Market Supervisory Authority (FINMA). With this,
Switzerland is looking forward to be the crypto
hub of the world.
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The Crypto Valley Association stated
that Switzerland is trying to provide a safe
environment for the development of crypto, block
chain, and related technologies. According to the
head of Department of Economic Affairs in
Switzerland, the nation is looking forward to
the booming ICOs in the crypto market.
ICOs, or initial coin offerings, are one of the
most successful methods used by cryptocurrencies
to raise initial capital. They are symbolic
contributions by investors, and may or may not
provide returns. While the world is debating
over the security of ICOs, Switzerland raised
about 550 million funding for native ICOs in
2017 (accounting for 14 percent of the global
market cap at that time). The biggest success
story was perhaps of Tezos, a cryptocurrency
based in Zug. While Tezos is facing multiple
lawsuits in the US, it is flourishing in
Switzerland.
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FINMA explicitly state ICOs as security

• The regulations put forward by FINMA explicitly
  state ICOs as security and exempting them from
  general taxes that normal currencies are
  subjected to. Tokens that are already launched
  would be exempted from this, while
  cryptocurrencies used only as a payment method
  would be subjected to anti-money laundering
  measures. But by and large, ICOs will soon find
  Switzerland to be the most beautiful place to be
  in.

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