It started with Zug and then Chiasso. Now Zermatt is the latest Swiss town to let residents pay their taxes with Bitcoin. However - while the Swiss government praises the program, some citizens say there's room for improvement...
Swiss Financial Market Supervisory Authority (FINMA) just passed additional regulations specifically for stable-coins, as the nation prepares to become home to the Libra Association headquarters.
This isn't a hostile move - Facebook requested clarity on any vaguely-worded regulations, and clear answers for any remaining grey areas.
When a government makes an effort to stay current on tech, they become capable of regulating things the right way - making sure they do not interfere with innovation, and targeting only bad actors, with precision.
Switzerland is proving that making this extra effort comes with rewards, as they continue to attract highly desirable companies to their country.
There's been no ICO scams, or pump and dumps, among the 800+ cryptocurrency/blockchain based companies that call Crypto Valley home. In fact, this community of legitimate companies would likely participate in exposing and removing anyone that risks tarnishing the area's reputation.
It's the exact opposite of what we're seeing happen here in Silicon Valley (our headquarters).
The US is using laws written before the invention of the internet to regulate the new, emerging tech sector of cryptocurrency and blockchain.
Add politicians that are way too comfortable stepping in front of a microphone, having done minimal research, and spewing inaccurate, overblown fears based in ignorance. It's enough to scare even the most legitimate companies away, worried they'll get shut down simply out of lawmaker's confusion.
The end result - billions in revenue, and thousands of jobs lost by the USA - while Switzerland shows no signs of slowing down.
For a recent example, look to Silicon Valley giant Facebook - they won't be expanding their campus here, because Crypto Valley has been named the location for their "Libra Foundation" Headquarters.
Commentary from GCP Editor In Chief: Ross Davis Video courtesy of: CNN Switzerland.
Switzerland is already a popular location to set up and launch a company in the blockchain/crypto sector, and is considered one of the more forward-thinking governments when it comes to understanding the tech and welcoming the industry.
So it's no surprise Facebook and the Libra Association chose Geneva Switzerland as their headquarters.
But can they expect a warm welcome from the dozens of companies, and crypto-professionals already there?
