Switzerland is known as one of the most cryptocurrency-friendly countries. Here, cryptocurrencies and exchanges are legal, and the country has taken a progressive position regarding the regulation of Switzerland crypto license. Although Switzerland is not the cheapest jurisdiction to start a new business, it has many significant advantages that make it more attractive than other countries for cross-border entrepreneurs.
Advantages of Switzerland crypto license
The leadership of the country pays attention to the reform of legislation, based on the situation with the development of the cryptocurrency business and blockchain technology. Cryptocurrencies have been recognized as a digital expression of the value that can be bought and sold through Internet channels. This served as the basis for developing a licensing framework for the crypto industry. Registration of the company in Switzerland in the sphere of cryptocurrency can offer its owners many advantages, including stable economy and political environment. Enabling business environment. The Swiss government actively supports the crypto industry and has issued ICO guidelines and FINMA documents. Crypto Valley in the canton of Zug has popular and innovative blockchain sites that create an enabling environment for companies. Low taxes in several cantons, including Zug, the center of the cryptocurrency industry. Possibilities of tax exemption on dividends and highly qualified human resources for this industry.
Regulation of cryptocurrencies in Switzerland
Over the past few years, Switzerland, and in particular the canton of Zug, has become the world’s hub for cryptocurrency business. Zug Canton is sometimes called the crypto capital of the world, and there are many bitcoin service startups here, including Shapeshift, Ethereum, Monetas, and Bitcoin Suisse. This situation is the result of several factors: above all, it is due to the fact that, unlike most countries in the world, Switzerland supports the development of the crypto industry. The second important aspect is attractive taxation in the territory of the Confederation, and the third is the stability of the country itself.
Financial market regulation
Obtaining a license to exchange cryptocurrencies in
The applicant for a licence must be registered in the Business Register or have official permission to do business. Be able to meet AMLA requirements with appropriate organizational structure and internal regulations and have a good reputation and guarantee both compliance with their obligations under AMLA and good business conduct. These conditions apply both to the organization itself and to those responsible for its administration and management. Applications for a licence must be submitted in the official language of the Swiss Confederation and signed by the applicant. Applications submitted by the applicant’s legal representative must be signed by that person. A certified copy of the person’s power of attorney shall also be attached. FINMA will process the application once it has been submitted in full. If necessary, the applicant may be asked to provide additional information or documents to establish full compliance with the licensing requirements.