Fear Will Tarnish Reputation of ‘ Valley’ Zug foundations, community organizations, and entrepreneurs have helped put the lightly populated Swiss canton of Zug on the world’s map. While the local administration has created one of the most welcoming environments for the industry, some voices fear possible negative repercussions such as bad press and an regulatory backlash.
Lamborghini Robin Hoods
Some Swiss Officials Fear ICOs Will Tarnish Reputation of ‘Crypto Valley’ ZugA new report from Zug, by the Times showcases that despite the success ‘Crypto Valley’ has had in attracting businesses, there are still those that fear it might bring unwanted attention as well. A Swiss finance specialist commented: “I’m just waiting for to call Bern and ask ‘what are you doing down there in Zug?’.” Another local insider said: “They say they are different to banks, that they are Robin Hoods — but we have Robin Hoods around in .” Besides flashy displays of wealth, critics also echo other familiar complaints. “My big worry is that the whole intransparency will lower Zug’s standing worldwide,” said Andreas Hürlimann, a local Green party councillor. “You don’t know from where to where the money is flowing, whether it is drug money for instance.” He also added that the council accepting bitcoin payments was “clearly a marketing gag”. For their part, the entrepreneurs appear to be pleased with the region’s politicians and regulations. The only issue they raised in the FT report was reluctant cooperation by the local banks, something that they can bypass by turning to other places such as Liechtenstein.
Some Swiss Officials Fear ICOs Will Tarnish Reputation of ‘Crypto Valley’ ZugThe main concern that rises from the report is that some ICO could mess up in a way that will bring foreign pressure to harshen the local legal framework for all others. “Switzerland remains under pressure to follow a ‘clean money’ strategy. It was hard work to get Switzerland off the blacklists —and there is of course no appetite for it to be back on them”
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