Cryptocurrency service provider Xapo is moving its key operations to Switzerland. The company is transferring from Hong Kong to Switzerland as it seeks a friendlier environment for its business.
Xapo, the latest company in Zug
Xapo is one of the leading cryptocurrency companies in the world. The Hong Kong-based wallet and cold storage service provider is known for also providing virtual bitcoin debit card. The company is moving its key operations to Switzerland, a country it has maintained a presence in over the past four years. The company’s office in the Canton of Zug will now handle major operations moving forward.
Xapo is reportedly transferring its key operations to the European country due to the crypto-friendly regulatory climate. The company’s bitcoin wallet customer services will henceforth be handled in Switzerland while traditional cash accounts will continue to be managed from London.
Xapo president Ted Rogers during an interview with Swissinfo at the World Web Forum in Zurich stated that “It was once thought that Hong Kong was the holy grail of crypto regulations. But it has become more opaque. It’s a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets. Nothing has changed my belief that Switzerland is the right place for a blockchain or crypto project. “
Rogers pointed out that cryptocurrency regulations in Hong Kong have changed and it is no longer favorable for them to stay in the country. He didn’t go into details regarding the restructuring the company might undergo due to this move, with Xapo employing around 250 people all over the world.
Xapo was one of the first companies to recognize the benefits of doing business in Switzerland. Rogers pointed out that the decentralized political system in Switzerland is one of its major advantages. He stated that “It’s everything that the U.S. was designed to be, but actually lives up to it.”
New crypto debit cards to be offered soon
Xapo was one of the earliest companies to offer crypto debit cards. It was popular amongst cryptocurrency followers before Visa terminated all card programs maintained by Wave Crest early last year.
Rogers revealed that Xapo has learned from that mistake and is now set to offer new Visa and Maestro cards in different regions. He, however, didn’t provide a timeline for the launch of the debit cards. The company has been offering a virtual Visa debit card since last year, with the service integrated with the Xapo app. The virtual debit card can be loaded with BTC though it is available to users in the US at the moment.
Switzerland has become the leading European destination for crypto and blockchain businesses. It is one of the most crypto-friendly jurisdictions in the world and continues to attract major businesses in the space.
The government recognizes crypto technologies as an important development and is looking to build a strong legal foundation to support their implementation.