Switzerland is attempting to position itself as a hub for cryptocurrency activity. Surprisingly, it seems the country’s policymakers are intent on bridging the gap between cryptocurrency and traditional banking. Depending on how the current situation evolves, cryptocurrency firms may soon have full access to traditional banking services.
Switzerland Embraces Cryptocurrency
Multiple interesting cryptocurrency-related developments have taken place in Switzerland over the past year and a half. The introduction of Crypto Valley in Zug has shown the entire world that Bitcoin is a usable currency. Additionally, various cryptocurrency firms have moved to Switzerland due to its more lenient regulatory environment.
It now appears the regulatory situation will continue to improve for cryptocurrency firms. One of the top Swiss policymakers has confirmed that restrictions impeding cryptocurrency growth may be removed fairly soon. This would give cryptocurrency service providers full access to traditional banking services. That in itself is a very interesting development, as banks and other financial institutions have opposed cryptocurrency companies for quite some time now.
Although expectations are high in this regard, it remains to be seen how regulators will respond to the growing cryptocurrency industry in Switzerland. If companies active in the world of Bitcoin and altcoins are given fair access to conventional banking services, things will undoubtedly get very interesting for the cryptocurrency industry as a whole. Zug’s finance director, Heinz Tannler, is confident that these changes will occur in the next few months.
Tannler noted that the Swiss central bank, financial supervisor, and federal government all see merit in the cryptocurrency sector. It is unclear how they will support this growing industry moving forward, although more positive regulation and open access to traditional financial services are the right way to go. It further highlights the open-minded approach Swiss regulators have when it comes to Bitcoin and other cryptocurrencies.
Depending on how the situation evolves, other countries may follow Switzerland’s lead in this regard. If other companies decide to introduce more access to financial services for cryptocurrency firms, one of the problems holding back mass Bitcoin adoption could be solved in the process. So far, spending cryptocurrency for everyday purchases has been a very big problem, and it seems that situation cannot be resolved all that easily.
Until the new regulatory measures go into effect, companies across Zug’s Crypto Valley will continue to take matters into their own hands. These firms have already moved into financial services themselves, which is considered to be a very positive development. Zug is a very peculiar region in this regard, as it allows for developments which are simply impossible in other parts of the world. Whether or not a precedent will be created in this regard remains to be determined.
Image(s): Shutterstock.com