The Swiss Crypto Guide which is a platform providing free guidance for legal questions concerning crypto currencies in Switzerland and is aimed particularly at startups and SMEs, has now gone live.
The author is Dr. Karin Lorez, who, as the responsible legal counsel, accompanied the first-time launch of crypto investments by a Swiss bank. Since then she has been working on the legal aspects of cryptocurrencies and also lectures on the topic.
The “Crypto Valley” from Zug to Zurich has been enjoying great international attention for several years. Currently the COVID-19 pandemic has provided a strong boost for cryptocurrencies.
The number of crypto companies in Switzerland has also increased significantly in the first half of 2020 and is expected to reach 1000 soon. An important factor for the successful development of the sector in Switzerland is the local blockchain legislation, which purportedly is one of the most advanced in the world.
High initial legal costs as an obstacle
Despite optimal conditions here in Switzerland, companies find it difficult to implement crypto projects in Switzerland.
One reason is the lack of consolidated information on the legal environment and regulations.
Since this information is widely spread and sometimes difficult to find, Swiss law firms or consulting firms familiar with the subject matter must often be consulted for initial clarifications, which generates corresponding costs.
This can be a relevant hurdle for startups and SMEs, especially those from abroad.
Support for location promoters
Companies are said to often ask same questions about planned crypto projects. These include questions such as founding and licensing issues or, in general, whether Switzerland is really the best location and not possibly another country.
The Swiss Crypto Guide provides an overview of relevant regulatory topics, making it easier for companies to implement cryptocurrency projects in Switzerland.
It also supports organisations promoting Switzerland as a business location to advise foreign companies on thematic issues.
The English-language Swiss Crypto Guide was launched in collaboration with the Office for Economy and Labour, Business and Economic Development, Canton Zurich and Switzerland Global Enterprise.