RATE Group | Swiss regulators negotiate with banks to prevent exit of cryptocurrency ventures
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Swiss regulators negotiate with banks to prevent exit of cryptocurrency ventures

22 Jul Swiss regulators negotiate with banks to prevent exit of cryptocurrency ventures

Posted at 20:27h in Cryptocurrency News by

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Recently, the Swiss Financial Market Supervisory Authority [FINMA] have held meetings with the Swiss National Bank and some of the other country’s local banks on how to improve the present condition of cryptocurrency ventures’ access to the bank. This was in response to many crypto-companies shifting their domicile to other countries.

Swiss regulators are increasing their efforts to prevent the crypto-enterprises from leaving the country. According to the local officials, although the cryptocurrency business is rather small in Switzerland, it has increased substantially over the years and has been a large source of employment and innovation in the country.
The well-known canton of Switzerland, Zug, is also known as the “Crypto Valley” due to its 200-300 virtual currency entities that have been established in the recent years. In addition to this, the country has also expressed their support for cryptos as witnessed by the Swiss economic minister.

However,…

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