The well-known cryptocurrency company Xapo has decided to move the majority of units from Hong Kong to the Swiss “Cryptowalley”, BitcoinExchangeGuide reports.
The main structures of Xapo have worked in Hong Kong for several years. Nevertheless, the company is convinced that Switzerland has a more friendly legal infrastructure in relation to cryptocurrencies. This, Xapo believes, will enable the company to improve the quality of services and better comply with regulatory requirements.
It was one 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.
Also, according to him, Switzerland is the best place to create cryptocurrency and blockchain companies.
Currently, Xapo has about 250 employees. At the same time, only 10 of them work in Zug.