Switzerland as a Competitive Advantage
Behind the snowy peaks of Switzerland lies a beating, radical heart, supplying oxygen to alternative ideas in government and finance that would be snuffed out in other countries.
It’s the unique combination of innovation, open regulation and deep trust that makes Switzerland a fertile ground for the crypto economy to flourish.
Switzerland is the birthplace of crypto
While no one knows exactly where Satoshi was situated when he published his white paper, it is well known that Ethereum flourished from Switzerland’s Crypto Valley. Today, alongside Ethereum, another 800 blockchain companies are based there. Beyond the cultural predisposition to the democratic nature of crypto, there is a tangible fiscal incentive to enable the flourishing crypto industry. As such, the local government is hugely supportive, taking tax payments in Bitcoin, establishing an Ethereum based ID system, and even holding a blockchain-based municipal vote.
That’s why Switzerland is the ideal birthplace for a platform like Fyooz. Invest in what you love. Switzerland has a global vision for crypto and Fyooz is an integral part of bringing that vision mainstream.
Switzerland to become the world’s first “crypto-nation”
Economics Minister, Johann Schneider-Ammann declared in 2018 that within 5 years, Switzerland should become the world’s first “crypto-nation”. The financial market regulator FINMA has published guidance to support ICOs — while other nations crack down on crypto.
And FINMA has since issued multiple licenses to crypto asset managers, two crypto banks and most recently the nation’s first FinTech license to start-up bank Yapeal, underscoring its support for the nascent Swiss crypto ecosystem.
Switzerland is not threatened by the Crypto Economy
Above all, Switzerland has a stable economy which is not threatened by the emergence of the Blockchain and crypto economy. One of the strongest global currencies of the past 30 years, the Swiss National Bank continues to hold back from further strengthening the Swiss Franc. Furthermore, Switzerland has a deep heritage of protecting the wealth of its citizens. It’s part of the same democratic sentiment that permeates the rest of the national culture.
Switzerland is traditionally a country of lower interest rates, extremely low inflation and almost no national debt. There is minimal capital flight. Switzerland’s national balance sheet stands in stark contrast to the massive debt accrued by other economic powers, and in the current crisis, this is now more important than ever. For the most part, countries that are negatively disposed to the crypto economy are countries whose economic fundamentals aren’t as strong.
Swiss democracy is unique
Rather than the representative democracy that dominates in many geographies, Switzerland has a democratic process whereby anyone in society can bring about democratic change. Swiss citizens can either propose legislation of their own or work to defeat legislation already approved by parliament. In recent years, this has led to healthy national debates around Universal Basic Income, agricultural policy, and yes — overhauling the banking system. The Swiss are passionate about decentralization.
What does this democratic ethos and an aversion to centralization have to do with the crypto economy? Crypto assets are, by nature, decentralized. Their whole raison d’être is cutting out the middleman — allowing transactions and transfers to take place without the need for permission from institutional authorities.
The Swiss Approach is more Innovation Friendly
The democratic and decentralized ethos of Switzerland means that there is more room for innovation to flourish. Regulators in Switzerland have worked diligently over the last few years to make clear the regulatory framework within which crypto and DeFi innovation can thrive.
While crypto is advancing at a rapid pace in many parts of the world, Switzerland is one of the only jurisdictions where the guidelines are very clear, and that provides an environment where companies understand the boundaries and can work within a trusted environment to build viable businesses. In other jurisdictions where regulation remains obscure, innovation flourishes to a lesser extent because entrepreneurs aren’t willing to assume the risks.
Fyooz is an incredibly imaginative and unique idea in the crypto space which has the potential to democratize investing and make wealth creation accessible to anyone who wants to invest in anything they love. Switzerland offers Fyooz a unique competitive advantage from which Fyooz can establish a dominant market position.