Topic: Is Switzerland truly the best place for a crypto project? - page 3. (Read 629 times)
For cryptocurrency to be refer to as a currency and used as such there is a need for wider adoption of cryptocurrency as a means of exchange of goods and services and at the moment cryptocurrency has not attained such recognition. Many refer to cryptocurrency as a property due to it monetary value in the exchange where it is best recognized, many market and firms does not recognize cryptocurrency as a true currency.
It seems like a lot of companies are moving over, the government is trying to help out the crypto world as well. I know the biggest company there is ShapeShift.
I don't get why people call a country "crypto-friendly" because it has a low tax rate when it's about the crypto industry. I could give several industries as examples with a low rate but a nightmare for any business owner.
Most countries don't really care about the crypto industry, they're just forced to create new regulations to adapt to the trend. And happy to collect million from the taxes.
Switzerland is a country apart when it comes to the finance industry, money is not a taboo there and it has often been ahead of many other countries. For example, the country didn't have a problem to manage/store Hitler's funds.
Sure cryptos aren't properties or securities but see yourself how people here are happy to see new regulations, claiming "it will help cryptos!" "Bitcoin is an investment!"...the community shoots himself in the foot, We can only blame ourselves
Most countries don't really care about the crypto industry, they're just forced to create new regulations to adapt to the trend. And happy to collect million from the taxes.
Switzerland is a country apart when it comes to the finance industry, money is not a taboo there and it has often been ahead of many other countries. For example, the country didn't have a problem to manage/store Hitler's funds.
Sure cryptos aren't properties or securities but see yourself how people here are happy to see new regulations, claiming "it will help cryptos!" "Bitcoin is an investment!"...the community shoots himself in the foot, We can only blame ourselves
Cryptos won't start being treated as currencies until they are used in that way. Many new projects are not too far away from being traditional fund raising with shares. Being a currency by name does not make a cryptocurrency in to a true currency.
The canton of Zug is known as Crypto Valley, because of support of blockchain-related projects and mild taxation of operations with cryptocurrencies. I've been reading about it lately, and while it is cool that the government really supports various projects, I think a significant downside is that cryptos are assets, not means of payment in this country. Also, even though Swiss financial regulator acknowledges that there are different ICO projects (with utility and asset tokens, but they also distinguish payment tokens as the third type), they are treating utility tokens as securities:https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/! My thought is that cryptos should not be treated as property or securities, because that's not what they are. No matter how sweet the policies are there towards cryptocurrencies, I don't think that something called 'Crypto Valley' can go on without recognizing cryptos as money. What are your thoughts on this matter?
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