"It's not just tourists who are interested in Switzerland, crypto companies are the same."
Following the United States (US) regulators becoming more aggressive towards banking institutions after the collapse of Silvergate Capital and Signature Bank, cryptocurrency companies are now looking for banking partners elsewhere.
Digital asset-backed companies are reportedly turning to banks in crypto-friendly Switzerland as they flood it with requests for banking services.
This is because Switzerland has positioned itself as a crypto hub with clear regulatory measures.
Although banks in Switzerland such as Credit Suisse have recently experienced an overnight collapse, it has by no means stopped crypto companies from looking for potential banking partners for the future.
Among them is Sygnum, which is one of the largest Swiss banks that provide services to crypto firms. It has attracted the attention of several crypto companies following their obtaining a banking license in the country including a capital market license to operate in Singapore.
Through observation, digital asset companies are looking for banking partners in Switzerland due to the clarity of its regulations and not forgetting its stable operating environment which has made it an ideal choice for crypto market players.
According to Thierry Arys Ruiz, Chief Executive Officer (CEO) of blockchain firm AgAu.io based in Switzerland said that the country is indeed more stable and there are efficient regulations.
Zug, a city in Switzerland that has created several local hubs dubbed “Crypto Valley” has raised some questions for some individuals examining whether the US will lose its stronghold in the crypto market if its players move to Switzerland.
