Could Switzerland Stop Being Dubbed the ‘Cryptocurrency Nation’?

· 16 Apr 2018 in Cryptocurrency News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Switzerland is known in the crypto community for having a very open policy towards virtual currencies, blockchain technology and fin-tech startups. But it seems that it is becoming more difficult to invest in the country. Tim Draper, an important figure in the crypto ecosystem, has marked Switzerland as a hostile nation towards cryptocurrencies.

Swiss Flag

Switzerland Could Lose its Status as the Crypto-Nation

Switzerland has been considered as a cryptocurrency and blockchain haven country. Investments from these industries have been growing in the last years and positioned the country as one of the ‘friendliest’ towards virtual currencies and distributed ledger technology.

According to Tim Draper, the authorities have proposed some regulations that would discourage crypto related firms to invest in the European country.

During a speech, Mr Draper commented:

“You had the tiger by the tail, everyone was going to do their ICOs through you, and all you had to do was make it easier for everybody. Instead, the regulatory bodies got in there, they made it tougher, they put more and more barriers up, so people went to Singapore and Gibraltar and Cayman and to other places.”

There are other countries that have a very open policy for crypto-related investments. Belarus, Gibraltar, and Singapore are trying to set up light regulations that will allow the crypto community to grow but at the same time, protect users and investors.

In the past, Switzerland and its ministers tried to help fin-tech companies to invest in the country with very flexible regulations. Indeed, the State Secretary at the Swiss Finance Ministry explained that ICOs and cryptocurrencies have a huge potential to develop in the country.

“We think there is huge potential – but the market is not as disciplined as we want. We want it [the ICO and crypto market] to prosper but without compromising standards or the integrity of our financial markets.”

Zug, a city near Zürich, is known as the crypto-valley. There, enterprises and other start-ups have decided to install their operations. Moreover, virtual currencies are accepted in many stores, shops, and the public transport.

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