“Technological neutrality attracts crypto firms” - so appears the headline of a press release issued by the BCB Group. According to the crypto payment service provider, Switzerland is becoming a stronghold of the crypto industry. “The very clear approach of the Swiss regulatory authority ensures a secure framework, which is helping to attract ever more crypto companies”, explains Natasha Gonseth, Head of Compliance at the BCB Group, in the press release.
Clear regulations appeal to companies
In specific terms, the BCB Group has observed that crypto firms from the UK, among other countries, are establishing a presence in Switzerland. For these companies, the focus here is not on more relaxed rules or greater freedoms, Gonseth explains, but rather on the fact that business require a clear, reliable rules-based framework to underline what is or is not permitted in such areas of business.
Praise for FINMA
In Switzerland, the principle of “same business, same rules” is applied, says Gonseth. FINMA, the Swiss financial market supervisory authority, also adopts a technology-neutral attitude when bringing financial market laws into line with crypto-based business models. The Head of Compliance also praises FINMA’s open communications with the crypto industry. “Companies and technology experts are involved, and questions are answered quickly”, Gonseth explains, before concluding that: “Around the world, FINMA is therefore regarded as open to crypto”.
