With cryptocurrency markets experiencing consistent growth over the last couple of years, cryptocurrency trading is ruling the roost with traders making profits manifold on their investments.
The fundamental requirement of cryptocurrency trading is to develop a wallet through cryptocurrency wallet development services to record transactions regarding exchange of cryptocurrencies, manage cryptocurrency portfolio, and maintain cryptocurrency balance. Basically, a cryptocurrency wallet development company assists business owners in creating a system to store data regarding digital exchange and digital earnings.
Since Blockchain is the underlying technology for cryptocurrency, it extends all benefits that it offers like decentralization, robust encryption techniques & the highest level of security to cryptocurrency wallets. Cryptocurrency development services ensure that the wallets are tamper-proof & immutable.
Bitcoin and Ethereum are considered as the pioneers of the cryptocurrency and blockchain revolution. They have resulted in an increase in the number of people investing in the cryptocurrency markets for its ease of money exchange without any intermediaries. Since then, a number of new cryptocurrencies wallet development companies have sprung up and are engaged in cryptocurrency software development at an increased pace.
Cryptocurrency development companies are now even developing wallets that are compatible with multiple cryptocurrencies as well. It is definitely easy to integrate and use these readily available cryptocurrency wallets for simple tasks, but, at the same time, it is even possible to get cryptocurrency wallet app development done in order to implement more complex business logic or functionality.
The entire process of cryptocurrency wallet app development is not simple for a new business. Even the most basic cryptocurrency wallet needs to possess an enhanced functionality, which is coupled with detailed business logic requirements.
For most cryptocurrency software development companies, the main challenge is to create a product that is fully compliant with the existent regulations. Every cryptocurrency wallet development company wants to offer its potential customers a service which they know is safe and legal to use.
One of the main problems with a crypto-related business being fully compliant is that cryptocurrencies are perceived as illegal by most governing authorities. In most countries, crypto is not yet fully regulated.
This means that there are no actual laws governing the use of cryptocurrency and all crypto-related activities are simply considered outlawed due to either limited understanding or means to control the currency exchange.
There are, however, various advanced jurisdictions that are open to the idea of digital money and using blockchain as the underlying technology for it. These countries have regulations in place that encourage ICOs to involve the citizens in their projects.
Certain countries such as Japan even recognize Bitcoin as an official payment method, with numerous local businesses and government agencies accepting crypto payments and donations.
Switzerland has been actively working towards establishing itself as a crypto haven and hub over the last few years. It saw it as an opportunity to attract crypto firms by actually providing them with clear, accessible, and well laid-out regulations.
This is achieved while most other countries were still grappling with the task and trying to wrap their heads around how the industry could be regulated and whether or not it could fit within the existing legal frameworks.
Switzerland was able to swiftly draft new laws regarding blockchain-based businesses. These laws and regulations outlined a set of rules that every cryptocurrency business needed to follow strictly. The regulations were designed to protect consumers while spurring the economic advancement of the country.
Gibraltar and Malta are two other nations that are trying to claim the top spot on the list of crypto havens by introducing various organizations to oversee the development. While Gibraltar introduced the Gibraltar Blockchain Exchange (GBX), run by the Gibraltar Stock Exchange, and opened it to public, Malta is ahead of it with Benance – one of the biggest cryptocurrency exchanges.
The Crypto Valley in the Canton of Zug, Switzerland, however, is the most sought after place for fintech companies to set up their business ventures. HypothekarbankLanzburghas recently become the first Swiss-based bank to open accounts for crypto-companies. Swissquote, which is one of country’s largest banks, has been offering its clients a wide range of services that are related to cryptocurrency trading. A number of other banks, such as private Vontobel and Falcon Bank, have equipped their clients with the ease to invest in cryptocurrencies.
Since the trend started, Switzerland has successfully established itself as the heart of cryptocurrency entrepreneurship. In fact, in 2019, Switzerland was able to raise $550 million through ICO which was 14% of the total amount raised by ICOs in that year ($4 billion). Crypto valley in Switzerland is serving as a giant collaborative hub in the world that is encouraging emerging companies to set base and thrive in a supportive and vibrant environment. Talented entrepreneurs, investors, and blockchain experts as well as enthusiasts are flocking to the valley due to the networking and collaboration opportunities that it provides.
Not only this, Switzerland is also home to a large number of blockchain and crypto-based companies. Some most notable names include: Ethereum, Bitcoin Suisse, Xapo, Tezos, Monetas, Shapeshift, ConenSys, and many more. Switzerland has been highly lauded for its friendly business environment, which provides exceptional business networking opportunities. It has been achieved this because of various qualities such as low levels of corruption, low bureaucracy, a clear and sophisticated legal framework, low taxes, and an efficient political system which is stable, neutral, predictable, and highly responsive.
Additionally, Switzerland has always encouraged an unparalleled culture of privacy, bank secrecy, as well as the strictest data protection laws in the world. These priorities shape the policies of Switzerland’s financial regulator FINMA (The Swiss Financial Market Supervisory Authority), which has always known to encourage self-regulation instead of imposing excessive top-to-down regulations.
All finance-related policies ever created in Switzerland are geared towards complete eradication of fraud, a sophisticated know-your-customer policy compliance, complete protection of consumer data and interests, and anti-money laundering efforts. FINMA’s requirements are strict yet extremely important to run any successful business in a country. Switzerland has built an impeccable and fully compliant legal framework, and cryptocurrency-based transactions management system is absolutely in place to make the country’s business market completely future-proof.
The Swiss banking institutions are ever researching ways on how to make cryptocurrencies more appealing for customers. Cryptocurrency wallet development companies looking to launch their business in Switzerland need to be apprised of the various regulations that they should follow in order to remain on the right side of law and benefit from the liberal and encouraging business as well as finance policies of the country.
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