The new fintech scene in Chiasso calls itself Cryptopolis, and the name was chosen as a nod to Zug’s Crypto Valley, reports cash.ch. Around a dozen fintech startups have already settled in the town, which is located at the border with Italy.
“We settled on Chiasso mainly due to regulatory reasons,” said Amelia Tomasicchio from Eidoo, a startup that recently launched its ICO Engine – an app that helps companies carry out Initial Coin Offerings (ICOs). Thanks to its own app, the company has already raised nearly $28 million.
Proximity to Italy is also important for Eidoo. “Chiasso enjoys an important strategic position between the large fintech scene in Milan and market access in Switzerland,” explained Tomasicchio.
Another point in favour of Chiasso is Ticino’s long tradition as a financial centre.
“Fintech can never exist without the support of traditional banks,” Lars Schlichting, a partner at the consulting firm KPMG in Lugano, told cash.ch.
The authorities are also working to raise awareness of Ticino’s Cryptopolis: beginning in 2018, residents will be able to pay for public services with bitcoins. It will also be possible to make tax payments of up to 250 Swiss francs with the digital currency.