When it comes to Switzerland, first of all, people have associations with first-class chocolate, delicious cheese, the most
precise watches, multi-purpose knives and, of course, a safe place to
keep money.
New Way of Holding Assets in Switzerland
Since
the dawn of time Switzerland has been a banking paradise attracting
more and more people, who want to keep their money in the country. With
the growing popularity of cryptocurrencies, Switzerland has decided to
enter the list of advanced countries, taking an extremely friendly
position regarding digital currencies because of their great potential.
It
can be considered the most favourable jurisdiction for
blockchain-oriented businesses at the moment. It is all caused by
advanced legislation, quite low tax rates, high standard level of
privacy and a developed banking industry.
One of the country’s administrative centres in Zug even has its own ‘crypto valley’, named Crypto Valley Association,
which task is to create the most modern blockchain-ecosystems. Zug is a
home for many companies in the cryptocurrency industry, fintech and
blockchain startups, popular organizations including, for example, the Tezos Foundation (ticker XTZ). The headquarters of the world’s second cryptocurrency Ethereum is also located there.
The
administrative centre attracts an increasing number of tech startups,
making it one of the best locations for doing business with digital
currencies. The only disadvantage is a costly and time-consuming
creation process of the companies’ legal infrastructure.
Ethereum
blockchain is one of the most popular blockchain applications and
protocols implemented in Switzerland. Ethereum is a public platform that
includes an open source blockchain-based distributed computing ledger
and smart contract functionality. The network is implemented as a single
decentralized computing machine that works being supplemented
simultaneously with the help of millions of devices around the world.
Now Simba.Storage has joined the race to achieve the best quality in doing business in this country.
Industries in Switzerland investing in blockchain.
Switzerland
not only supports cryptocurrency organizations providing them with all
the necessary comfortable conditions, but also actively invests in new
technologies within the country. It is interesting that in Switzerland
almost every bank offers to open a cryptocurrency account or link your
wallet to your account. In many cantons (‘Swiss states’ similar to those
in the USA), BTC, ETH, USDT
and other cryptocurrencies are accepted for payment for goods and
services, it is even possible to pay phone and Internet bills, taxes and
government payments.
The banking sector invests in one of the most important blockchain protocols, the R3 Corda platform,
which improves the trade finance process. Swiss banks are very
interested in integrating blockchain innovations into their business
models, forging partnerships with blockchain development companies and
acquiring such companies (including crowdfunding platforms). The
majority of banks, including the private ones, have created their own
inner innovation departments to follow new technological developments.
For the companies in the FMCG industry, one of the most important projects is the Komgo blockchain. This platform facilitates standby letters of credit and discounting of receivables and KYC (customer identification) procedures.
These
are just a few examples of blockchain implementation options in
Switzerland. DLT or a distributed ledger technology is also used in real
estate, insurance, supply chain management and government agencies
dealing with digital signatures in many companies in the country.
How cryptocurrencies are defined and regulated in Switzerland.
Switzerland
does not have a large number of special laws applicable to
cryptocurrencies, but there is a fairly large number of documents
regulating the definition of certain specific digital assets by their
ownership (utility, security, payment, stable), in addition, there are
two guides on initial coin offering and initial token offering (ICO and ITO), which were issued by the Swiss Financial Market Supervisory Authority (FINMA),
the main regulatory body that carefully analyses all projects on the
market, and for this reason, it takes a long time to get a license.
Thus, Simba.Storage is not an exception.
Trading
platforms and cryptocurrency exchanges must comply with certain rules
and are subject to money laundering laws. Such platforms must
necessarily identify a buyer of the tokens, a beneficial owner of the
tokens (if different from the buyer) and ensure that the funds, used to
purchase the tokens, are not the proceeds of a crime.
Holding assets in Switzerland and Liechtenstein.
Storing
funds in Switzerland has always been associated with reliability,
security and anonymity. This fact especially attracted people who had
really large funds and did not want to disclose information about it.
It
is important to pay attention to the fact, that these are not
innovative technologies which guarantee the safety of your funds, but
actually how developed and rich the country is in all areas.
The
same applies to Liechtenstein, as this microstate borders with
Switzerland and the border is almost invisible, which is quite typical
for Europe. The national currency of this country is the Swiss Franc.
An
unblemished reputation and a high level of anonymity together with a
highly developed financial sector provide a similar confidence in money
storage in the country as well as in Switzerland.
Companies
that are registered in Liechtenstein are able to open accounts not only
in local banks, but also in the banks of Switzerland.
This is one of the reason why Simba.Storage places its cold storage in this country.
Let’s consider just a few aspects that significantly influence the choice of where to store money:
- The
Swiss have one of the richest privacy cultures in the world and the
first bank secrecy law dates back to 1713. The current data protection
laws are one of the strictest in the world; - Switzerland
is ranked first position in the world for competitiveness and
productivity which are key drivers of economic growth and the quality of
life; - Switzerland
has the world’s leading infrastructure in the fields of energy,
transport, telecommunications, financial services, education,
healthcare, environment, safety and technological innovations;
Switzerland implements sound economic policies, including a strong
currency with by far the highest gold reserves per capita among other
countries and the world’s highest GDP per capita. That is why, together
with Simba, you will get a Swiss bank in your pocket.
The
list goes on, but the above mentioned factors already show that it is
not the country, where high-rank officials from law enforcement
agencies, interested in your funds, will decide to ‘borrow’ your funds
and ‘temporarily isolate you’ from society due to a questionable reason.
Besides, when talking about Switzerland and Liechtenstein, naturally
there are no thoughts about criminals who can break into a bank wearing
masks, or about hackers who can get an access to your digital assets.
Together
with the development of modern technologies in these countries, the
storage of cryptocurrencies can now also be classified as areas in which
they have succeeded and become leaders. Swiss-based digital asset
vaults offer the highest degree of protection and guarantee that your
funds are safe and secure.
For example, Simba.Storage
based in Switzerland and Lichtenstein offer cold storage services to
customers storing Bitcoins on hardware wallets that are completely
protected from hacking. Modern customer identification technologies (KYC) will allow to restore access to users’ funds remotely, in case they accidentally lose their login information.
Also, all customers of this storage, in exchange for the bitcoins kept for storage, receive SIMBA stablecoins (token of the ERC-20 standard), backed by BTC
(1 SIMBA = 1 satoshi). These tokens can be used for everyday payments,
and they are an additional safety guarantee of your Bitcoins.
Such
an approach to storage can be called a standard and taking it as an
example, one can judge by other cryptocurrency storages.
source link : https://news.bitcoin.com/stablecoin-cold-storage-backed-by-satoshis-simba-is-a-new-way-of-holding-assets-in-switzerland/
