Switzerland is one of the most active countries in the field of cryptocurrencies, fundraising for virtual currencies and so-called blockchain technology, at the base of these new currencies.
The people of Zurich can come and credit their bitcoin account in some vending machines installed throughout the city, the first pilot project dating back four years. And since the end of 2016, the federal railways have been offering to buy bitcoins in no less than 1,000 billposts.
The cryptocurrencies revolution is on the way.
Zug, a canton in central Switzerland, known for its favorable business tax, is the birthplace of the ether, a virtual account unit considered as one of the main competitors of bitcoin.
The canton has also been given the nickname “Crypto-Valley”, because of the establishment of many start-ups and companies active in this sector.
Everywhere, initiatives are multiplying.
In 2016, the city of Zug offered to pay some services and administrative fees in bitcoin. Ultimately, the idea also pay its taxes bitcoin, as already done for some of them in Chiasso, near Italy.
Of the six largest fundraising cryptocurrency (ICO) carried out in 2017. Four were held in Switzerland, said Tuesday the Finma, the market surveillance authority.
This body published in February a practical guide to determine how the law governing the financial markets, in particular regarding money laundering and the financing of terrorism, should apply to this sector, still difficult to apprehend because of the extreme diversity of fundraising and lack of jurisprudence.
Swiss banks were among the first to launch into cryptocurrencies. Like Vontobel, which issued the first bitcoin structured product. A stock exchange participation certificate (tracker), which allows participants to participate in movements on virtual currency without having to buy it directly.
Falcon Private Bank has offered asset management services in bitcoin. Ether and litecoin while Swissquote. The online financial services provider, has launched a trading offer in five virtual currencies.
Also Dukascopy, Swiss Forex Broker, allows you trading CFDs on cryptocurrencies, their derivatives or value estimates. It’s different from purchasing the cryptocurrencies. Here, you can trade CFDs cryptocurrencies without having a digital wallet. It is not necessary to have cryptocurrency, so more risks related to cyber security.
Initiatives, which much in the news, still rather isolated.
While they keep a close eye on blockchain technology. UBS and Credit Suisse, the country’s two largest banks, have kept themselves away from virtual currencies.
“As a bank, we have deliberately warned against this product,”. Said Axel Weber, president of UBS and former president of the German Central Bank. In the columns of the Zurich daily NZZ, saying the value of bitcoin was not sustainable.