The Swiss canton of Zug is making it easier to imagine a world in which cryptocurrency users are resolutely in the mainstream. The canton — which has earned itself the moniker of "Crypto Valley" for its positive stance towards cryptocurrencies — will begin allowing citizens to pay taxes in Bitcoin (BTC) and Ether (ETH). According to Bloomberg on Sept. 3, “tax settlement by means of crypto currency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670).” Roughly 127,000 people live in the region, which has previously taken steps to accept Bitcoin …

Sygnum, a major cryptocurrency bank in Switzerland, is preparing to finally introduce digital asset trading after receiving regulatory approval. On Sept. 1, Sygnum announced that it received regulatory approval from the Financial Market Supervisory Authority, allowing the company to expand its services to a digital asset trading facility. The new approval enables Sygnum to “cover the complete life-cycle of a security,” starting from services such as primary issuance, settlement and custody to secondary trading. As part of Sygnum’s new capabilities, users now have access to instant settlement via the Sygnum-issued stablecoin Digital Swiss franc (DCHF). In conjunction with the news …

The Vienna Stock Exchange, or Wiener Börse, has become just the third “official regulated market” worldwide to list a Bitcoin (BTC) product. The exchange listed 21 Shares AG’s Bitcoin and Ethereum (ETH) exchange-traded products (ETPs), ‘ABTC’ and ‘AETH’, on September 1. Exciting news today, our #Bitcoin and #Ethereum ETPs — ABTC and AETH are the first crypto-centric ETPs admitted on @wiener_boerse, the Vienna Stock Exchange, one of the most established exchanges in Central, Eastern, and Southeastern Europe! https://t.co/jX3UOnsytA — 21Shares (@21Shares_) September 1, 2020 Thomas Rainer, Wiener Börse’s head of development, emphasized that the listing allows “experienced, local investors” to …

A major health insurance provider in Switzerland has made Bitcoin and Ether payments available to its policyholders. According to an Aug. 31 announcement, Atupri Health Insurance is partnering with crypto financial services company Bitcoin Suisse for its 200,000 customers to make payments using Bitcoin (BTC) or Ethereum (ETH). Atupri, based in Bern, will not be holding any digital assets itself, but rather just receiving fiat payments in Swiss francs once the BTC or ETH is exchanged by Bitcoin Suisse. The insurance company — with roughly $887 million in annual sales as of 2019 — will have customers paying for any …

Crypto International, a successor of controversial Swiss company Crypto AG, is reportedly dismissing dozens of employees following a major spying scandal. As many as 70 employees had to quit Crypto International after Crypto AG was found to be selling backdoored products to benefit agencies such as the United States Central Intelligence Agency in February. The firm reportedly confirmed the dismissals to Switzerland-centred publication Swissinfo.ch on Friday. Representatives at Crypto International reportedly said that the dismissals were unavoidable because the government recently refused to resume the examination of export applications. Andreas Linde, co-founder of Crypto International, reportedly said that the action …

Galaxus, the largest online retailer in Switzerland, could start accepting payments in a stablecoin issued by local cryptocurrency bank Sygnum. According to an Aug. 27 tweet by Sygnum, the companies have just completed an electronic commerce payment using Sygnum Bank’s stablecoin known as Digital Swiss Franc (DCHF). As officially announced, the e-commerce transaction was enabled by Denmark-based crypto payment processor Coinify. Launched in March 2020, Sygnum’s DCHF stablecoin is pegged one-to-one to with the Swiss franc, and intends to eliminate the need for card systems, reduce settlement costs and fraud, as well as provide instant transactions. As previously reported, Sygnum …

An investment firm FiCAS that manages Bitcoin Capital Active Exchange Traded Product, or BTCA, hopes it can foster mass adoption with its product that is traded on the Swiss Stock Exchange. It can discretionarily allocate funds to fifteen different cryptocurrencies and fiat. Daniel Diemers, one of the directors of FiCAS, the company that manages the product, told Cointelegraph that these types of products are essential for the mass adoption of Bitcoin: It is easy tradable. We have seen already here in Switzerland that some of the popular online banks like Swissquote, which is a bank based entirely in your smartphone. …

The Bank of England will take part in a key meeting tomorrow to discuss central bank digital currencies (CBDCs) and their possible infrastructural designs. Hosted by global central banking think tank, the Official Monetary and Financial Institutions Forum (OMFIF), on Aug. 19, the roundtable will involve the BoE’s senior fintech specialist, Simon Scorer, alongside delegates from the Swiss National Bank, ING Nederland and the Hungarian National Bank (Magyar Nemzeti Bank). The CEO of enterprise-focused blockchain platform Cypherium, Sky Guo, will also join the discussion. A key focus of the meeting will be to tackle the ways in which blockchain technology …

21Shares, formerly known as Amun, now has $100 million in assets under management, or AUM, posting major growth in 2020. Hany Rashwan, CEO of 21Shares, told Cointelegraph on Aug. 17 that AUM volumes spiked about 164% this year, up from just $39 million in early January. According to the exec, 21Shares hit its $100 million milestone on Aug. 14, with the company’s AUM reaching a threshold of $101.6 million last Friday. According to Rashwan, 21Shares’ AUM surge has come in response to an increased demand for crypto investment services in Switzerland; the firm is one of the largest providers for …

The recent formation of the World Stablecoin Association in Switzerland was done with the goal of creating a united front for the sector to tackle regulatory concerns and drive collaboration. Stablecoins are becoming an increasingly important, widely used medium of exchange in the cryptocurrency community, with industry leaders such as Tether (USDT) and USD Coin (USDC) enjoying immense success in 2020. Tether hit a milestone toward the end of July, surpassing $10 billion in market capitalization as fiat currency continues to be converted into the stablecoin. Meanwhile, USDC celebrated breaking the $1 billion market cap threshold at the beginning of …

Basler Kantonalbank, or BKB, a government-owned commercial bank in Switzerland, is planning to launch cryptocurrency services through its banking subsidiary. According to an Aug. 3 report by local news agency Finews, BKB’s subsidiary and a national banking group, Bank Cler, are working on services that will allow customers to trade and store cryptocurrencies. BKB holds a majority stake in Cler, though the subsidiary possesses its own banking license separate from BKB. Access to financial products A spokesperson at BKB confirmed the news to Cointelegraph. They also noted that the bank plans to launch these products in response to an increased …

Amid the massive growth of stablecoins in 2020, the cryptocurrency community is setting up an international stablecoin organization in Switzerland. Called the World Stablecoin Association, or WSA, the Geneva-headquartered organization is to be launched by cryptocurrency exchange VirgoX and blockchain capital markets firm Global Digital Assets, or GDA Capital. The WSA announced this new to Cointelegraph on July 23. Adding key stablecoin projects Adam Cai, CEO of VirgoX, outlined that the ultimate goal of the initiative is to build a true, unbiased global association composed of all major stablecoin projects. According to Cai, the WSA is already in discussion with …