Switzerland asks for the crown of crocodiles

For example, the rich Swiss canton of Zug has been named “Crypto Valley,” with 200-300 virtual currency entities that are being opened there in recent years.

The recent ups and downs of cryptomonets have turned them into the prime of the economy. In an effort to achieve greater development, attention has now turned to Switzerland.

Swiss regulators are stepping up efforts to halt an exodus of cross-country projects from the country, as two of only a handful of active banks in the nascent sector closed their doors last year.

Removals, which industry sources fears may continue to happen, mean that Switzerland is losing business over its rivals, including Liechtenstein, Gibraltar and the Cayman Islands, where banks are most welcome.

While the Swiss-denominated crypto-business business is small compared to its traditional banking sector, it has grown rapidly and employs hundreds of people, according to local officials. Supporters also consider it as a key innovation for the future of global finance.

For example, the rich Swiss canton of Zug has been named “Crypto Valley,” with 200-300 virtual currency entities that are being opened there in recent years.

Zug Finance Director Heinz Taennler says there may be possible shifts if the government does not give access to the banking system without which they try to operate.

“All their bank relations go to Liechtenstein,” he told Reuters.

“These are hundreds of jobs that have been created, and every job is important.” Thomas Moser, an alternate member of the board of the Swiss National Bank (SNB), said several crypto-currency companies had requested the center’s intervention to prevent such shortages to the detriment of Switzerland.

“They raised concerns about bank account opening issues, which was a concern for them and asked for help,” Moser told Reuters.

According to him, this intervention was not the competence of the SNB but could help by talking to FINMA. FINMA is the supervisor of the Swiss financial market, has held discussions with the SNB and the bankers’ association on how to make banks more accessible to counterfeit enterprises.

“We would not want to close the doors for opportunities that could bring such a novelty (cryptomonedhat),” added Moser. Ensuring the legal framework for launching ICOs and for banks to do business with cryptomotor companies is not considered easy.

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