Cryptocurrency firms, exchanges and entrepreneurs have boosted the growth of Swiss Canton of Zug and let it become a landmark in the world of business. The local authorities are said to have given a very positive environment for the Crypto Sector but the fear of regulations from America and the setbacks on it’s way of improvement are the causes of major concern.
According to a few of the Swiss authorities, ICOs are a risk to the recognition of Cryptocurrencies. A news report from Zug shows that even though a lot people are lured into the “Crypto Valley”, the fear of unwanted attention persists. A Swiss official from financing sector stated: “I’m just waiting for Washington to call Bern and ask ‘what are you doing down there in Zug?’.” Another local insider said: “They say they are different to banks, that they are Robin Hoods — but we have Robin Hoods driving around in Lamborghinis”.
Critics are found to bring in a set of complains. Andreas Hürlimann, a native councilor said that he worries that the anonymity of the sector might lower Zug’s reputation globally. He explains that not knowing the source of the money makes it a factor of risk and the decision to accept Bitcoin payments is “clearly a marketing gag”.
For the most part, the regulations and laws are considered lenient yet the right stance to the sector. However, the local banks were not as cooperative as the officials were.
The Swiss officials fear that ICOs could fetch in some foreign pressure and mess with the laws and regulations of the local governmental bodies. The country follows a clean money strategy and making it free from all the black money was a hard work. The officials strongly disapproves the fact that Cryptos could heighten the risks of bringing them back in the country.
However, the over all population is expecting a crypto growth to take off in their country soon.