In a sleepy village next to a lake and the Swiss Alps things are happening in the crypto world.
Switzerland has long been a global center for the wealth management industry, and it reportedly is housing around $2 trillion, or 27 percent, of global offshore wealth.
There are numerous stories of people with bundles of cash hidden inside rolls of newspaper to set up shell companies, to jamming diamonds into toothpaste tubes.
Lately Swiss Banking secrecy has come under pressure but by establishing a global hub for virtual currencies known as the “Crypto Valley” in Zug, and the implementation of forward-looking regulation by the Swiss Financial Market Supervisory Authority (FINMA), Switzerland is emerging as one of “the world’s leading ecosystems for crypto, Blockchain, and distributed ledger technologies” according to Oliver Bussmann, the founder of the Crypto Valley Association.
Johann Schneider-Ammann, the head of the Swiss Department of Economic Affairs, points out that the country is becoming a “crypto nation” for the digital revolution with a flourishing initial coin offerings (ICO) market.
According to the story in Cointelegraph – Switzerland is “unofficially” a cryptocurrency tax haven.
Because cryptocurrencies are neither money nor a foreign currency, nor a financial supply for goods and services tax (GST) purposes there are very little taxes to be paid but a further development is that not a lot of investors are reporting their cryptocurrency holdings.
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