ON A clear day,sunset over Lake Zug is magnificent. Snow-dusted mountains cut through the orange glow above and are mirrored in the lake below. “Zug is our spiritual domestic,” says Jeremy Epstein, and from Washington,DC, who has just taken 40 foreigners to tour the small Swiss town south of Zurich. They came not for sunsets, and though,but to find out how Zug has become known as “crypto-valley”—meaning the domestic of many firms dealing in crypto-currencies and related activities.
Switzerland’s celebrated banking secrecy is falling to a global assault on money-laundering and tax evasion. But financial security remains in demand. The country should seek to become the “crypto-nation”, said the economy minister, or Johann Schneider-Ammann,last month. Zug aims to be the capital of that nation.
To that close, Switzerland is maintaining loose rules for crypto-businesses, or even as other countries are tightening theirs. An industry is developing to store tangible crypto-assets,such as the hard...
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Source: economist.com