After the 20% decrease in the banking institution number during past decades, Switzerland has put forward a new plan to battle against this loss. Johann Niklaus Schneider-Ammann, the Swiss Minister of Economic has indicated to support the in-country cryptocurrency startups and transform the country into the “Blockchain Capital of the World.”
Currently, four out of the top ten Initial Coin Offer (ICO) ICOs had landed in the country in 2017. Benefitting from the domestic business-friendly banking system, lower taxes, and high education rate, Switzerland aims at establishing a second “Silicon Valley” for cryptocurrencies, especially for the start-ups. For example, Zug, a small town with barely 120 thousand inhabitants, is becoming the heart of cryptocurrency development and the location of the first Bitcoin automatic teller machine. The favourable tax rate of 14.6% therein attracts a group of start-ups, which contributes significantly to the local economy.
Despite certain positive outcomes in crypto-growth, the “Crypto Nation”, as Johann called Switzerland, will face potential pressure from the US, which controls the majority of global cryptocurrency transactions and is famous for its startup-friendly environment. In addition, the notably high operating cost and living cost could pose new challenges to start-ups as well.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):