ZURICH: Fnance conference in the alpine resort of St Moritz. The nation is keen to be a part of the cryptocurrency action, and one area the Swiss are very keen to develop is that of initial coin offerings (ICOs). ICOs form the financing drive that allows cryptocurrency start-ups sell their tokens and raise funds to develop further. Early investors potentially win big if the solution grips the market. The FT reported last week as the ICO industry grows in Switzerland its business-friendly reputation has in the past been damaged by tax scandals. These scandals have cemented a bad reputation for Swiss banks and finance firms allowing wealthy clients to evade tax. Swiss government is placing a very risky stake on cryptocurrencies by making such bold announcements about ICOs. He said: “The established history of the Swiss nation as a haven for finance, its constant neutrality in world affairs and its adherence to banking secrecy is making it an ideal refuge for crypto investors and a playground for the germination and development of some very dangerous precedents that could leak into the outside world eventually. The mere fact that the Swiss government is making such statements puts it, and its considerable weighing in financial affairs, in stark contrast with mainstream global movements aimed at stemming the volatility and rampant spread of cryptocurrencies as a destabilising force for many economies.” Sounding a cautionary note, Mr Bruskov added: “It will not be long before we witness the first scandal involving the words ‘Swiss’ and ‘crypto’ in the same headline if such hazardous foreplay with the phenomenon is allowed to develop further. Erlier this month economics minister Johann Schneider-Ammann, made the case to journalists for Switzerland to become a major, “crypto-nation” as he arrived at a private crypto finance conference in the alpine resort of St Moritz.
