Is Switzerland Blockchain Heaven?

Many companies around the world are exploring the benefits of blockchain technology every day in different areas such as TV, phones and automotive industries but also in banking and government as well. Although you may believe that only small startups are more interested in the blockchain, large companies such as Amazon and Microsoft are looking into it as well.

Because of the great interest in this technology, countries such as Switzerland are considering implementing blockchain technology in their everyday lives and government sectors. Switzerland wants to create the next generation of Silicon Valley, Crypto Valley in the small town of Zug. But even before crypto was introduced to Zug, Switzerland was really working hard to become a crypto paradise.

Last year, the country offered many options for companies that had more than $1 million in funds in order to test the innovative technology without the regulation part that surrounds the finance sector. Also, they want to re-evaluate banking licenses so the companies that earn let than $1million to easily obtain licenses for depositing and allowing donations to be withdrawn in a 60 day period. There is currently a great boom for finetech companies and innovative startups.

Ph.D. Stephen Meyer, who is a Candidate in Blockchain and Law Living in Zurich, said: “Instead of creating new blockchain-related legislation, which — as with every new legislation — leads to uncertainty regarding the specific application, Switzerland applies the existing regulatory framework, but with a flexible and principle-based approach.”

What this country is doing in the field of the blockchain, sets a great example that other nations should follow. Most importantly, Switzerland is pushing its government to be the world leader in blockchain growth and development.