A sticker that reads "Bitcoin accepted here" is displayed at the entrance of the Stadthaus town hall in Zug, Switzerland, August 30, 2016. REUTERS/Arnd Wiegmann
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Switzerland seeks to regain cryptocurrency crownSwiss regulators are stepping up efforts to halt an exodus of cryptocurrency projects from the country, after two of only a handful of banks active in the nascent sector shut their doors on it in the last year. The departures, which industry sources fear will continue, mean Switzerland is losing business to offshore rivals including Liechtenstein, Gibraltar and the Cayman Islands, where banks are more welcoming.FINMA, Switzerland's financial market supervisor, has held discussions with the SNB and bankers' association on how to make banks more accessible to cryptocurrency ventures.Providing the legal framework to launch ICOs and for banks to do business with cryptocurrency companies is not easy.Zuercher Kantonalbank (ZKB), the fourth largest Swiss bank and one of the few big banks in the world to welcome issuers of cryptocurrencies, has closed the accounts of more than 20 companies in the last year, industry sources told Reuters.
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