Cryptocurrency regulations are expanding all over the world, but at the same time, some countries are trying to allow cryptocurrencies to spread in their territories. The Zug region in Switzerland is one of these places where virtual currencies have found a place were to settle. But some officials are concerned about this Crypto Valley in the long term.
Zug Crypto Valley Succeeds
Swiss authorities are concerned about Zug valley and what it can happen to it in the future. Cryptocurrencies are being used here on a daily basis, the industry keeps expanding and several enterprises are interested in settling their operations there. At the same time, it is showing to other regions that cryptocurrencies could perfectly work on a daily basis for most of the city activities.
At the moment, Zug is home to over 200 blockchain technology companies and Initial Coin Offerings (ICOs). But this is creating mixed feelings on Swiss authorities that are worried about Zug’s future reputation.
At the same time, volatility in the markets is also making worried some authorities. Additionally, some Initial Coin Offerings around the world have been scams and investors lost their funds. According to local authorities, some of the funds that arrive and move from Zug may be related to money laundering and criminal activities.
This is something that people does not like. That’s why cryptocurrencies do not have a good reputation in the civil society. Some other individuals do not take very kindly the success of cryptocurrency investors.
At the moment, there is no information about whether Zug will keep being the home for cryptocurrency enthusiasts and enterprises or not. The Crypto Valley remains as the favourite place for crypto related enterprises to establish their businesses and operations.
Switzerland’s Crypto Nation
In the past, Switzerland has proven to be one of the friendliest countries towards cryptocurrencies. For example, the minister of Economy Johann Schneider-Ammann, said that the country wants to become a crypto-nation.
The State Secretary at the Swiss Finance Ministry said:
“We think there is huge potential – but the market is not as disciplined as we want. We want it [the ICO market] to prosper but without compromising standards or the integrity of our financial markets.”
That’s mostly what Zug represents and what Swiss authorities have in mind. Is Zug working properly as a crypto valley? Is it preserving the standards and integrity of the financial market in Switzerland? Is Switzerland being viewed as a country that protects customers, investors and does not collaborate with criminals?
Once these questions are answered, the government will decide how to proceed. Until then, Zug will keep working and succeed as it is doing it now.
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