Bitcoin Switzerland and cryptocurrencies Published 10 months ago on June 21, 2018 By Coinnounce - Coin Announcements Share Tweet The wealth management industry has always found itself as a major darling in Switzerland. Housing about 27% of the global offshore wealth, Switzerland has always been a sort of money hub of the world. Owing to their wonderful financial market, it is hardly a surprise to see them flourishing on the digital currency front too. The world has been very harsh towards digital currencies and several countries, even till date, have been apprehensive about them. However, Switzerland was one of the first countries to adopt digital currencies and the flourishing ICO (Initial Coin Offering – an unregulated means to raise funds for new cryptocurrency ventures) market is helping Switzerland accelerate fast towards the status of a ‘Crypto Nation’. It’s great involvement in the subject matter and quick moves in this fintech industry has brought Switzerland at the epicentre of cryptocurrency revolution. Here are a few insights about the cryptocurrency scenario in Switzerland: Switzerland is fasting emerging as an ICO hub and this flourishment is largely owed to the great variety of rich investors and technical specialists, something that has always been Switzerland’s strong point. Economic experts and big financial players believe that Switzerland would be one of the strongest value holding contender in the future when digital currency becomes more mainstream. Not just digital currencies, Switzerland is also emerging as a great ecosystem for blockchains and other distributed ledger technologies. With the recent the implementation of forward-looking regulation by the Swiss Financial Market Supervisory Authority, Oliver Bussmann, the founder of the Crypto Valley Association said, ‘Switzerland is emerging as one of the world’s leading ecosystems for crypto, Blockchain, and distributed ledger technologies’. The First Bitcoin ATM was set up in Zurich four years ago in 2014. Moreover, the Swiss national rail company has since 2016, been providing the possibility of purchasing Bitcoins at over 1,000 distributors across the country. Zug, a small town a little while away from Zurich, has always been an economic hub owing to large investment firms, pharmaceutical companies and commodity trading groups. This place has unofficially become “Crypto Valley”, set up in 2013 their explicit aim is to draw startups dabbling in virtual currency technologies. Zug’s Crypto Valley claims to be receiving 5 – 10 queries per day from startups that work in the blockchain and digital currency sector. To flourish and increase the popularity of digital currency and educate the people about how it can be used for practical purposes too, Zug started accepting in 2016, Bitcoins as a legal payment mode for council services. According to the Swiss financial watchdog Finma, out of the world’s six biggest Initial Coin Offerings (ICOs) last year, four took place in Switzerland. The foundation of the second largest digital currency platform after Bitcoin, Ethereum, along with almost 200 other blockchain based companies is all credited to the land of Switzerland. There has been a lot of healthy competition in Switzerland for further advancement of digital currencies. Accordingly, the southern Italian speaking Swiss town of Chiasso, has been in healthy competition with Zug so as to establish itself as a “CryptoPolis”. It has started accepting bitcoin payments for some taxes. Finma recently warned people against the threats of money laundering in digital currencies stating that, ‘in a decentralised blockchain-based system, in which assets can be transferred anonymously and without any regulated intermediaries.’ Owing to the sharp increase in the number of ICOs in Switzerland, regulators outlined regulation guidelines for these fundraising schemes saying, ‘Creating transparency at this time is important given the dynamic market and the high level of demand’. Vontobel, one of Switzerland’s largest banks, created the first structured bitcoin product which is basically a tracker that lets an investor not to actually purchase any digital currency directly but to make an investment in its shifting value. Despite the involvement of some big names in the crypto pool, there still are several big names like UBS and Credit Swisse who have decided to keep their distance since they do not consider it valuable or sustainable in the long run. Falcon Private Bank, a Swiss private banking boutique headquartered in Zurich, has offered asset management services for a huge range of digital currencies (including bitcoin and ethereum). Switzerland’s openness to business innovation is another huge reason why it has been so successful on the digital currency front. Martin Eckert at MME has mentioned and applauded Swiss regulators to be one of the few ones who actually have good and deep understanding of the subject matter i.e. of the underlying technology and its complete working. The Internal Revenue Service, Criminal Investigation, deals with potential criminal infringements. Its Editor in Chief, Don Front, recently made a statement to Bloomberg News stating that is is possible for people with ill will to try and use these digital currencies in a way similar to Swiss accounts which would help them evade taxes. Accordingly, the IRS-CI has recently set up a team of special agents that would be investigating and providing proof of whether or not these digital currencies are being used to cheat the tax authority. 2017 was a big year for Swiss based ICOs. In the whole year, these ICOs raised about $550 million in funding. This makes up for almost 14% of the global ICO market, which stands at around $4 billion. The Zug based company, Tezos ICO raised around $232 million in July 2017. Switzerland’s approach to the entire digital currency market has been described as pragmatic by some and opportunistic to a certain extent by a few people. Kari Larsen, an attorney at Reed Smith in New York, has international experience in managing global commercial and legal risks. She reportedly stated that simply welcoming without looking where the consumer and market appropriate is rather a short sighted approach by Switzerland since it could soon face competition from places like Gibraltar which would eventually lead to damaging competition to attract ICOs. Related Topics:AltcoinBinanceBitcoiinBitcoin BillionairesBitcoin CashBitcoin GoldBitcoin PrivateBlockchainBlockonixDecentralizedEOSEthereumInitial Coin OfferingMost Bitcoin HoldersRegulationswissSwitzerland Up Next Binance completes its 1 year, here are 15 things you should know Don't Miss John McAfee says he won’t promote ICOs anymore Continue Reading Advertisement You may like Forbes releases top 50 blockchain companies list Token Taxonomy Initiative: Enterprise Ethereum Alliance & Microsoft Donald Trump policies push Mexico to Bitcoin Delist Bitcoin SV movement continues: Kraken, Bitforex onboard John Mcafee publically challenges Calvin Ayre: Files $800M Lawsuit Bitcoin SV: Kraken also going to delist BSV? 3 Comments 3 Comments Pingback: Switzerland and cryptocurrencies – Btc News Magazine Pingback: Bitcoin Coffee: The first blockchain coffee is a fact! – Coins News Update Pingback: Crypto Liquidity Problem: Is There Really A Solution? - LCCN Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Bitcoin Donald Trump policies push Mexico to Bitcoin Published 3 days ago on April 17, 2019 By Nadja Eriksson Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families. Mexico adopting Bitcoin: Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government. 98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money. Continue Reading #Bitcoin Price Analysis BTC to USD: Bitcoin Price Analysis, Bulls vs Bears Published 4 days ago on April 15, 2019 By Joyce Lang Technical Indicators: Support Levels: $5120, $5050 Resistance Levels: $5200, $5250 Key Points: Bitcoin price crashed below $5000 support level recently. The support around $4920 proved strong enough to stop further losses and BTC started to recover after testing this support range. Bitcoin price was able to break through the bearish pattern which was formed with resistance around $5100 on the hourly chart. BTC is currently trading in an upward momentum above the 100 hourly SMA. Bitcoin Price Analysis: Summary: Bitcoin price was able to recover after falling up to $4920 recently. BTC is currently trading nicely and might soon test $5200 resistance level. Last week, bitcoin corrected downwards sharply falling below $5000 support level and tested the $4920 support. After this, bitcoin started a fresh upward move and moved over $5000 and $5100 resistance levels. The buying pressure even moved BTC above $5150 and the 10 hourly SMA. Bitcoin price was able to break through the bearish pattern line which was formed with resistance around $5100 on the hourly chart. Currently, bitcoin is trading in a positive momentum above the 100 hourly SMA and might soon test the $5200 resistance level. However, it is very essential for BTC to maintain its position above $5100 and $5000 for a long time in order to be perfectly bullish. BTC/USD Price Chart 15 April The chart shows that bitcoin recovered nicely and moved into a bullish zone above $5100 and the 100 hourly SMA. The current resistance lies around $5200 above which bitcoin could test $5250 and $5300 levels. On the downside, the initial support is at $5120 and $5050 below which it might turn bearish again. Continue Reading #Breaking News Bitcoin Fall linked with Julian Assange Arrest? Huge BTC donations for Wikileaks Published 1 week ago on April 11, 2019 By Nadja Eriksson Julian Assange was arrested today morning by the London police from the Ecuadorian embassy where he was residing from the last 7 years. According to the president of Ecuador, Julian Assange was violating the terms of the shelter that was provided to him by the Ecuadorian embassy. Lenín Boltaire Moreno Garcés or Lenin also tweeted about the withdrawal of the asylum status which was granted to Julian Assange. He mentioned that Julian has been continuously violating international conventions and daily life protocols. In a sovereign decision Ecuador withdrew the asylum status to Julian Assange after his repeated violations to international conventions and daily-life protocols. #EcuadorSoberano pic.twitter.com/pZsDsYNI0B — Lenín Moreno (@Lenin) April 11, 2019 Why was Julian Assange arrested? It is still unclear whether Julian Assange has been arrested to extradite him to the United States where he had been declared wanted from a couple of years or he has been arrested for skipping bails as he was wanted in Sweden for a variety of charges relating to an alleged sexual assault. The price of bitcoin is also experiencing a sharp decline today after rising up to around $5500 yesterday evening. Some people are also speculating that the crash of bitcoin might be related to the sudden arrest of the founder of WikiLeaks. Bitcoin Donations of Wikileaks: Cryptocurrency enthusiasts from around the world have been supporting Julian Assange from quite a long time and just after his arrest, the donations on the official WikiLeaks address have been rising with the wallet currently standing at a balance of around $3.11 BTC (at the time of publishing) with more than 30 transactions appearing after the arrest of the founder of Wikileaks. A lot of people have been supporting Julian which includes Kim Dotcom (Entrepreneur) who tweeted after the arrest of Julian Assange stating that the current situation is a moment of shame committed by Ecuadorian, UK and the US. However, the tweet was soon deleted by him. Afterward, he tweeted again stating that telling truth cannot be termed as a crime and motivating people to donate for the platform. Telling the world the TRUTH about war crimes, human rights abuses, corruption, election fraud and abuses of power IS NOT A CRIME. Please donate to @Wikileaks now so that the legal team of Julian Assange has funding to fight back.#FreeAssange #FreeJulian — Kim Dotcom (@KimDotcom) April 11, 2019 What are your thoughts on the arrest of Julian Assange, the founder of WikiLeaks? Tell us in the comments section below. 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