DeutschThe term Crypto-Valley Zug is increasingly used when referring to Switzerland and crypto and blockchain companies. In the meantime, the canton of Zug and the surrounding area are not only characterized by particularly low tax rates, but also by the fact that more and more companies from the crypto and blockchain industry are settling there.
Authorities in Zug Have been Accepting Bitcoin for Quite some Time
The first step on the road to Crypto-Valley for the city of Zug was certainly that the local authorities accepted Bitcoin as the leading cryptocurrency relatively early on. For example, fees incurred at the commercial register can be paid with Bitcoins, but so far only up to a maximum equivalent value of 200 francs. In the meantime, Zug also has the goal of attracting as many crypto companies as possible from around the globe.
Zug as Crypto-Valley – Silicon Valley Model
There are now over 250 companies from the crypto industry that are either already based in Zug or are at least interested in establishing a branch in the Swiss city. Zug made its breakthrough as Crypto-Valley in 2014, because at that time the inventor of one of the best-known cryptocurrencies, Ethereum, settled in Zug. This was effectively the start for the Crypto-Valley, even if the canton of Zug has nothing to do with a valley in terms of landscape. A comparison with the world-famous Silicon Valley in the USA is of course obvious.
Crises and Price Developments with Influence
The last major price movements surrounding the crypto winter and crises such as those of FTX or Celcius impressively showed that, of course, in addition to the long-term perspective, the short-term developments on the market also have an impact on the Valley. Nevertheless, Switzerland sees itself as well-equipped for the future with its liberal and open policy towards blockchain and cryptocurrencies.
Worth reading: Finance Director explains crypto engagement
What is Planned for the Future?
Zug’s goal is to make the Crypto-Valley as well-known as possible and to expand it. There have already been initial successes, as many companies from the crypto sector have now come to Zug in the Crypto-Valley. In addition, ETH is apparently also planning to go to the Crypto-Valley in Zug in the future, which has been researching blockchain technology for quite some time. Last but not least, more and more associations and umbrella organizations are settling in Zug. These include not only the numerous Swiss industry representatives such as the Crypto Valley Association, but also international associations.
The prospects are therefore actually positive that Zug with its Valley could become a kind of Silicon Valley in Switzerland for cryptocurrencies in the near future.
Always read the most important Swiss crypto news with CoinPro.ch.
