Switzerland appears to be forging itself as a crypto hot spot having welcomed numeous foreign blockchain companies to the influential World Economic Forum in Davos last week.
This follows a recent collaboration between the city of Lugano and the stablecoin Tether which want to transform the city into the ‘European Capital of Crypto’.
While the task seems ambitious at first blush, there is significant interest from crypto firms in the country already.
Copper.co and Bitpanda are already setting up their operations in Switzerland and other prominent players such as BitMEX and FTX are in the country as well. This puts Switzerland in a unique position to continue to attract talent.
The country is also trusting many of the cryptocurrency and blockchain companies to be self-regulated. Copper.co has joined self-regulatory organization VQF. The idea being to establish anti-money laundering standards and ensure that all participating members are compliant.
VQF supervises Copper.co and other companies that are part of its ecosystem and communicates this information back to the Swiss Financial Market Supervisory Authority, the principality’s financial regulator.
Digital asset firms have a lot of choice on their hands, as Switzerland has 11 SROs that companies can pick from as they see fit.
“Switzerland, as a pioneer location for digital assets, provides an ideal foothold from which to grow our mainland European presence”, said Copper CEO Dmitry Tokarev, who is confident that the country will prove one of the most important hubs for the industry.