Switzerland: A Country For Crypto
Europe is a great hub for blockchain- and crypto-related projects. While Cyprus and Malta were the most popular destinations for startups in the beginning, now Switzerland looks like the best choice for cryptocurrencies.
We’ve heard many times that Switzerland is the new, shiny place for the digital coin industry. Yanina Petrovskaya, a crypto legal expert, pointed out that destination a few months ago. So, we decided to have a closer look at the companies that have already registered in this European country. We are focused on cryptocurrency exchanges because they usually set the trend in the industry.
A regulation problem? No problem at all
For a few years now, Switzerland has been a destination country for large crypto companies. Many different startups have either declared their willingness to move there or have already relocated to that European country. So what makes the Swiss so appealing?
Petrovskaya explained to us that the regulations are the sting in the tail. That is the biggest concern in the cryptocurrency industry. Whichever country solves this problem first, it will attract crypto companies. What distinguishes Switzerland from many other countries is the fact that they didn’t try to find a grail, but they started to operate on existing rules. She said:
“On the one hand, you can have new regulations. On the other hand, you can implement already existing rules to cryptocurrency cause. That what Switzerland did. They just said: ‘we are applying existing regulations’, and that’s what they did in the last regulation agreement. It works for them.”
A growing number of exchanges
Because of that approach, Switzerland became the place to be. They came up with clear, simple, transparent and fair regulations, which appeal to new blockchain companies.
Right now, there is around dozen of legit cryptocurrency exchanges registered in Switzerland.
There is Exrates, which has been a Swiss exchange for a while now. According to coinmarketcap, it is the 63rd crypto trading platform in the world. In our European ranking, it took 10th place. The exchange was founded in Indonesia in April 2016, but soon after its launch, the platform moved to Switzerland. The exchange hasn’t performed well lately. It is losing on popularity day by day.
P2PB2B is also registered in Switzerland. While it is the biggest exchange in the country. Unfortunately, it was involved in the ‘fake trading volume’ scandal. According to our counting, the platform’s real trading volume is less than 1/10 of the reported trading volume. But even so, it is still the fourth trading platform in Europe (according to real trading volume).
Trade.io, Lykke Exchange, ShapeShift, IqFinex, and Bity, among others, are also registered in Switzerland.
Who will come next?
That is not everything. Switzerland is a hot spot for many more exchanges. BitFinex officials have suggested many times that they will move their operations to Switzerland. It was supposed to happen at the beginning of 2019, but one of the biggest exchanges in the world has had a lot of problems in recent months, including a possible fraud with Tether.
BitFinex isn’t the only exchange, which desired to start operating in Switzerland. Last week CoinDeal announced that after almost two years of license proceedings the exchange received membership in VQF.
Now, the 8th cryptocurrency trading platform in Europe according to our ranking will launch its operation in Switzerland. Maybe that will help the platform to move up on our list.
It seems like Switzerland has become the new Malta. The cryptocurrency industry has been seeking the place where regulations will help, not hinder, development. Switzerland looks like the most helpful place right now. Which country will come up next?
If you want to comment this article, visit our Blockchain24.co forum!
The blockchain24.co site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.