Cryptocurrency designates a
type of currency that can only be used in the
digital environment. Since it is a
virtual type of currency, the
cryptocurrency can’t be counterfeit as easily as regular
money, as it uses
cryptography for security matters.
Cryptography is a method through which data is transmitted to a particular entity which will have the necessary means to decode the respective information. Businessmen who want to
open a company in Switzerland in this field may issue
cryptocurrency without the intervention of the local government, as this field is independent from the local regulations.
Our team of company formation representatives in Switzerland can offer in-depth advice on the
cryptocurrency businesses operating here.
Zug, the main canton for cryptocurrency companies
Cryptocurrency is one of the numerous fields of activities that
fintech companies (a term generally referring to the
usage of technology in the
financial field) may start. It is recommended to start the procedure of
company registration in Switzerland for this type of business in the
canton of Zug, which became the main location in the country for
cryptocurrency (
bitcoin currency) businesses.
Moreover, the
Zug canton has also emerged as the
world’s leading location for this type of business.
The
bitcoin industry is still in its developing phase and in numerous states the procedure is not covered by the local legislation. However,
Switzerland became the main European country for such activities, as the
bitcoin is a
legally recognized currency.
Our team of company formation agents in Switzerland can offer more details on the regulations referring to
cryptocurrency transactions.
Registration requirements for a Swiss cryptocurrency company
As a general rule,
all companies in Switzerland performing
financial activities are required to receive an authorization for their operations from the
Swiss Financial Market Supervisory Authority (FINMA). However, the regulations for
company formation in Switzerland in this field do not require
cryptocurrency businesses to register with
FINMA, as the industry is not state-regulated.
Still, businessmen performing bitcoin transactions will need to comply with specific regulations provided by the Swiss Anti-Money Laundering Act, which also refers at the operations carried out on the trading platforms. In this sense, it is necessary to know that FINMA authorized in 2015 the first Bitcoin Stock Exchange.