Switzerland: A Crypto-friendly Economy

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Lately, Cryptocurrency has been quite the buzzword. A lot of young people are motivated to invest in it.

However, the risk of such investment is high in India as India does not have a regulatory framework to govern cryptocurrencies. But that is not the case with all the countries of the world.

Some countries have consciously made efforts to manage and regulate Cryptocurrency, Switzerland being one of them.

Switzerland is one of the few countries that took the initiative of holding Cryptocurrency to maximize the benefits.

All the operations of trading platforms and Cryptocurrency are under the purview of Switzerland’s Anti-money laundering (AML) law.

It is so well organized that people who exchange cryptocurrencies for fiat money (also known as the legally accepted money) and vice versa are also regulated under this law.

Switzerland is a crypto-friendly country that has implemented some of the most progressive cryptocurrency legislation.

Cryptocurrencies are classified as assets in Switzerland, and Bitcoins are accepted as legal money in some areas.

It recently passed legislation regulating crypto-based investments and requiring DLT trading facilities to obtain a licence. And all of these regulations have been highly beneficial to the country.

The ‘Crypto Valley,’ a fintech cluster catering to bitcoin enterprises in Switzerland and Liechtenstein, is Switzerland. It is home to almost 900 businesses, with a total valuation of USD 37.5 billion for the top 50.

In January, SIX Swiss Exchange, Switzerland’s principal stock exchange, announced that its trading turnover for crypto goods would surpass USD 1 billion in 2020.

The number of crypto-related services provided by Swiss banks has been steadily increasing lately.

In May of this year, the state-owned Postfinance bank, in collaboration with online trading platform Swissquote, introduced an investment and payments app that supports 13 cryptocurrencies.

Bordier, a 177-year-old Swiss bank, partnered with Sygnum, one of Switzerland’s licensed crypto banks, in February to give its clients access to bitcoin and crypto trading services.

But among this plethora of facilities, the one offer that stands out is the one made by Banco Bilbao Vizcaya Argentaria (BBVA).

Banco Bilbao Vizcaya Argentaria (BBVA) Switzerland has announced a 100% digital investment account in response to the opportunity.

The bank made the right decision to adapt to the requirements of a new breed of tech-savvy clientele who want to invest in more innovative, sustainable sectors and even crypto-assets.

This New Gen account offers access to a catalogue of companies and funds.

They’re divided into 11 categories, including climate change and disruptive technologies such as robotics, 3D printing, and self-driving cars.

BBVA further added that the catalogue also allows them to emulate the portfolio of well-known investors like Warren Buffet and Cathie Wood.

It will enable the customers to invest in traditional technologies like share or investment funds and a wallet for Cryptocurrency.

Thus the new account offers a diverse selection of investment options, allowing each client to put their money into things that interest them.

The product also removes roadblocks and hurdles while giving one of the most attractive rates in Swiss banking and the assurance and security of BBVA.

It offers a comprehensive set of online banking services and IBANs in dollars, euros, and Swiss francs.

Users can track their bitcoin holdings and other assets via the bank’s mobile app, fully connected with the crypto wallet.

Now after seeing all the perks, let’s come to the requirements. To begin trading, a client must first complete a registration form and then make a video identification calls.

According to BBVA Switzerland, the entire verification process takes less than 15 minutes.

To start an account, you must make a minimum deposit of $10,000, or an equivalent amount in euros or Swiss francs.

Any person living in an EU member state can take advantage of this service. This product is also available in countries like Mexico, Colombia, Argentina, Peru, and Chile.

And so we can see that the progressive ideology of Switzerland, along with the efforts of Swiss banks and financial institutes, have helped Switerzland create a more liberal yet prosperous economy.

Hemali Bhatt
Hemali Bhatt
Hi! I'm Hemali, and it's great to meet you. I hope you enjoyed what you read. Now to tell you a little bit about myself- I'm a content writer who is currently exploring different writing genres. I earned a bachelor's degree in commerce before pursuing a master's degree in human resources. But even during all these years, I've always had a knack for writing. As a result, I decided to pursue it professionally. I am an ambivert personality with a tint of sarcasm and humour on the side. I can get extremely competitive, especially when it comes to debating and MUNs and well, that pretty much sums me up!

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