Former President of Switzerland and member of the Board of Directors of CV VC startup Johann Schneider-Ammann spoke about a unique approach to the laws that made Switzerland become the center of cryptocurrencies.
CV VC - Crypto Valley Venture Capital is a startup that invests in cryptocurrency firms based near the Swiss city of Zug, which is also called the “crypto valley.”
Schneider-Ammann talked about the merits of CV VC, which created its cryptocurrency ecosystem, and shared the opinion that the future prosperity of Switzerland is closely connected with blockchain technology:
“I am fascinated by the potential of this new technology, and I am convinced that this gives Switzerland a unique opportunity to become a leader in the technologies of the future.”
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Switzerland is known for being friendly to cryptocurrencies. The local regulator, the Swiss Financial Market Supervisory Authority (Finma), is one of the most advanced regulators in the world.
Schneider-Ammann explained the secrets and advantages of the Swiss regulatory system:
“A flexible Swiss legal system makes it possible to apply existing abstractly formulated laws with little effort to solve new problems.”
As an example, Schneider-Ammann cited Switzerland's attitude to ICOs, which has become a controversial issue throughout the world. In 2018, Switzerland issued relevant guidelines and “became one of the first jurisdictions to formalize this process.”
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Since the Schneider-Ammann presidency, there has been a significant increase in activity in the crypto industry. A unique ecosystem of more than 800 blockchain technology companies has emerged around Zug.
Projects such as Facebook's Libra also chose Switzerland as the place to launch their crypto projects, which hugely upset US regulators.