Back when we first started the Aximetria project, we had two main priorities: creating a great product and making it fully compliant with existent regulations. We wanted to offer our future customers a service that they will know is safe and legal to use.

The main problem with a crypto-related project being fully compliant is the way cryptocurrencies are perceived by most governing authorities. In most countries, crypto isn’t really fully regulated yet — there are no actual laws, you’re much more likely to see governments and banks issuing ‘recommendations’ and ‘guidelines’. In some other countries, all crypto related activities are simply outlawed.

Of course, there are a lot of jurisdictions that are open to an idea of digital money and blockchain as its underlying technology and actually have regulations in place. The U.S. are famously tight with their regulations, which caused many startups to blacklist U.S. citizens from taking part in their ICOs. Japan, on the other hand, recognises Bitcoin as an official payment method, with many businesses and even local governments accepting crypto payments and donations.

Crypto Havens

In recent years, certain jurisdictions have been actively working towards establishing themselves as crypto havens and hubs, most notably — Malta and Gibraltar. These offshore hubs saw an opportunity in attracting crypto firms by actually providing them with clear and accessible regulations, while most other countries are still trying to wrap their heads around how the industry should be regulated and whether it can fit within the existing legal frameworks.

As of 1st of January 2018, new laws regarding blockchain-based businesses came into force in Gibraltar, making the British overseas territory the first jurisdiction in Europe to take this step. The regulations outlined a set of rules designed to protect consumers and at the same time spur the economic advancement of the country.

Clearly, regulators in Gibraltar are trying to overtake Malta on the way of claiming the top spot on the list of crypto havens. Just several days ago, the Gibraltar Blockchain Exchange (GBX) was opened to public. And it’s not just some random exchange — it’s run by the Gibraltar Stock Exchange.

Malta still seems to be in the lead with Binance, one of the biggest cryptocurrency exchanges, recently announcing their plans to move their operations to the mediterranean island. Such projects as OKEX, Neufund and Iron have followed suit. Even though Malta’s regulations are still being shaped, the country is already attracting businesses, and it’s national tax policy that allows international companies to pay just 5% tax certainly helps.

The Crypto Valley

As appealing as these crypto havens sound, we had our eyes on something else. First and foremost, Aximetria is a fintech company, so naturally there was no better place for us to set up our business venture than the Crypto Valley in the Canton of Zug, Switzerland.

Switzerland is no stranger to the blockchain technology and cryptocurrencies. In June this year, Hypothekarbank Lanzburg became the first Swiss bank to open accounts for crypto-companies, while Swissquote, one of the country’s biggest banks, has been offering their clients a wide range of services related to the cryptocurrency trading. Some other banks, such as private Vontobel and Falcon Bank, have enabled their clients to invest in cryptocurrencies.

In recent years, Switzerland has also established itself as the heart of cryptocurrency entrepreneurship. Last year, out of a combined $4 billion raised during ICOs, Switzerland was responsible for 14%, which is around $550 million. Crypto Valley in particular is a giant collaborative hub where emerging companies can thrive in a supportive and vibrant environment. Talented entrepreneurs, investors and blockchain experts are flocking to Zug to network and collaborate.

This place is home for dozens of top blockchain and crypto-companies, including Ethereum, Bitcoin Suisse, Xapo, Shapeshift, Tezos, ConsenSys, Monetas and many, many more.

Switzerland has always been famous for its friendly business environment — it has great business networks, low corruption, low bureaucracy, a clear and sophisticated legal framework low taxes and a political system that is stable, neutral, predictable and highly responsive. Moreover, Swiss have an unparalleled culture of privacy culture, from the first bank secrecy law introduced in 1713 to the world’s strictest data protection laws in place right now.

All of the above shapes the demands of the Switzerland’s financial regulator FINMA (The Swiss Financial Market Supervisory Authority), which encourages self-regulation rather than imposing an excessive top-down regulation. Their policy is geared towards complete eradication of fraud, compliance with sophisticated Know-Your-Customer and Anti Money Laundering policies as well as full protection of customers’ personal data and interests.

To say that FINMA’s requirements are strict would be an understatement. Building an impeccable and fully compliant legal framework was by no means an easy task, it took us a lot of time and effort, but the important thing is that we’ve achieved it. Thanks to that, we can now offer our customers an all-in-one cryptocurrency management solution that they can use freely and be 100% confident that they’re doing so in accordance with the law.