RATE Group | Switzerland seeks to regain cryptocurrency crown
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Switzerland seeks to regain cryptocurrency crown

22 Jul Switzerland seeks to regain cryptocurrency crown

Posted at 00:03h in Cryptocurrency News by

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NEW YORK/ZURICH (Reuters) – Swiss regulators are stepping up efforts to halt an exodus of cryptocurrency projects from the country, after two of only a handful of banks active in the nascent sector shut their doors on it in the last year.

FILE PHOTO: FILE PHOTO: A sticker that reads “Bitcoin accepted here” is displayed at the entrance of the Stadthaus town hall in Zug, Switzerland, August 30, 2016. REUTERS/Arnd Wiegmann/File Photo

The departures, which industry sources fear will continue, mean Switzerland is losing business to offshore rivals including Liechtenstein, Gibraltar and the Cayman Islands, where banks are more welcoming.

While crypto-related business in Switzerland is tiny compared with its traditional banking sector, it has grown rapidly and employs hundreds of people, according to local officials. Supporters also consider it a key innovation for the future of global finance.

The wealthy Swiss canton of Zug, for example, has been dubbed “Crypto Valley”, with 200-300…

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