Mining giant moved to Switzerland after the events in China
Chinese heavyweight bitcoin mining Bitmain is moving to Europe with a new subsidiary created in Switzerland.
Currently under construction is “Bitmain Switzerland” with its headquarters in Zug, well-known in the world as the “Cryptocoryne,” according to Swiss newspaper Handelszeitung.
Friendly regulatory framework jurisdiction attract a growing number of startups and companies from the world of the blockchain and cryptocurrency space, which opens its headquarters in the region.
Bitmain entrance to the Swiss market is happening against the background of current restrictions on the mining of bitcoins in China. Headed by the people’s Bank of China, the Central Bank of the country, the authorities are seeking to reduce energy-intensive process of mining bitcoins in the country, denying the favorable policies such as tax cuts and reduced rates for hydroelectric power that have been proposed bitcoin miners in various Chinese provinces. While this step is not a radical suppression of the Chinese authorities, of course, turn to the local mining ecosystem, forcing miners like Bitmain, to seek a more friendly jurisdiction.
After creating subsidiaries in the United States, Singapore and Israel Bitmain chose Swiss Zug as its next global hub, because Switzerland is “one of the most progressive countries with good legal stability”, — said the press Secretary of the company.
“Perhaps Switzerland will play a key role in our global expansion”.
In addition, Bitmain announced the intention to hire employees in Zug and “actively communicate” and to cooperate with the Supervisory authority of the financial market Switzerland (FINMA) and other regulatory organizations and government bodies in the region.