The regulators in Switzerland are boosting their efforts to stop an exodus of cryptocurrency projects from the country, after 2 of only a few banks active in the
budding sector had closed their doors on it in the past 12 months.
The departures mean that Switzerland is losing business to offshore competitors such as the Cayman Islands, Liechtenstein and Gibraltar, where the banks are apparently more welcoming.
Cryptocurrency-related activity is really small in Switzerland when compared to its conventional banking sector, it has blossoming rapidly and employs hundreds of people.
The wealthy district of Zug has been named the “Crypto Valley” of Switzerland, with 200 to 300 digital currency entities opening there in the past few years.
Due to Switzerland not being a member of the European Union or the Eurasian Economic Union, the country has been able to offer a rather advantageous environment for its financial sector and its cryptocurrency industry.