The little Swiss Crypto Valley in the heart of Zug is partnering with Zurich Tourism for Blockchain awareness, CVA Exec Director Alexander Schell comments.
Have you heard of Zug?
This little Swiss town is often referred to as the “Crypto Valley” thanks to several Crypto companies and foundations that are located there. In the past, the town was famously known for Marc Rich, an oil trader back in the 1980s, the tax shells in the 90s and now, the town holds a decent amount of companies which grow and develop in the golden age of Bitcoin.
Zug is located in one-hour drive from Zurich with population of 30,000 and it is mostly known for the local agriculture with an increase of medical and pharmaceutical companies. Giants like Johnson & Johnson have offices based there.
People usually like Zug for its low taxes policy as the region charges around 14% tax. This is a policy that makes the location desirable for establishing companies and offices there.
The Crypto Dream
Even though Switzerland is a great country to build a Crypto company in and create a sustainable environment around it, there are some things to consider.
Additional opinions on the Swiss Crypto Industry are that if you meet the Anti Money Laundering Act (AMLA) requirements, it gets easier to do proper trading and brokerage.
Although its positives, Switzerland has some flaws to take into consideration when entering the Crypto market. Keep in mind that it’s not efficient enough for exchanges, due to the high fees. It’s good to have in mind that Switzerland may not be the best country to keep and run funds from. Turns out Liechtenstein and Luxembourg may end up being more attractive for executing such operations from.
There are businessmen who run their holding companies out of a Swiss entity and fund structures outside of them.
Between 24th and 26th June 2019, Zug held its annual Crypto Valley Conference, organized by Lucerne University and the Crypto Valley Association – a government association that is focused on Blockchain and Cryptocurrency ecosystem.
CVA now has a partnership with Zurich Tourism for Blockchain awareness.
CVA Executive Director Alexander Schell commented:
“We’re trying to establish an ecosystem of law firms, banks, startups, and other players who might be interested in this space. We can make the best circumstances for them and the best prerequisites for businesses to be successful.”
Zurich is quite traditional when it comes to finance. Banking can be quite tricky but private banks can be helpful, although a bit expensive. Nevertheless, the city holds a great number of up to 150 Blockchain companies.
The growth of the Crypto and Blockchain industry is because the CVA has been holding the Crypto space and has put out about 14 different draft laws. With its founding in 2017, the CVA still coordinates a great deal of 400 firms as members.
For all Crypto and Blockchain startups, networking is essential. Being part of the Crypto community in Zug can be extremely helpful, when it comes to big events like the CVA Conference.
Zug has a special place called the Crypto Valley Labs. This is a shared co-working space founded in 2018 with over 40 members. It has expanded to two floors and expected to take two more.
Recently, the little town started accepting Bitcoin for municipal services, government services can be paid with Bitcoin and Ethereum, plus legal services have providers that accept Cryptocurrencies.