GETTY The canton of Zug is deemed the Crypto Valley

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The canton of Zug, half an hour from Zurich, is fast becoming a crypto haven as the city council accepts bitcoin as a means for payment for fees by the residents’ registration office. According to local paper Frankfurter Allgemeine, Zug, made a name for itself on the crypto scene after Ethereum inventor Vitalik Buterin settled there in 2014. Richard Ettl, head of the blockchain-based logistics company Smart Containers Group in Zug, said: “Switzerland is at the epicentre of a small revolution in the financial system.” And now the Swiss Minister of Economic Affairs Johann Schneider-Ammann (FDP) said he hopes the crypto revolution will spread outside of Zug.

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He said he hopes "that in five or ten years nobody will speak about the Crypto Valley Zug, but about the Crypto Nation Switzerland". Oliver Bussmann, the former head of innovation and IT at the Swiss bank UBS said that to date, more than 50 start-ups from the crypto and blockchain world have settled in the canton. Mr Bussmann advises blockchain entrepreneur and manages the Crypto Valley Association. He said he receives around three to five enquiries a day from individuals in the crypto arena considering moving to Zug. According to a study conducted by consulting firm PWC, companies around the world raised $4.6billion in capital through initial coin offerings (ICOs) last year.