Bitmain, a leading Chinese trading exchange, is opening a subsidiary in Switzerland. They are looking to base their operations in Zug, which is considered the world’s crypto valley. Many exchanges and crypto companies have been flocking to Zug, Switzerland, as they have been more welcoming with their regulations and have amiable jurisdictions. The city of Zug accepts Bitcoin for pretty much anything, including municipal services. Bitmain has decided to plant their seed in Switzerland due to hindrances on mining affairs in China. China is looking to enforce and crack down on mining operations. They are looking to put tax cuts and tariffs in place. This has caused many local exchanges to make their moves and slowly other exchanges will follow. Bitmain has set up shop in other countries like the U.S., Israel, and Singapore. Switzerland was an obvious choice for Bitmain, as it is one of the most dynamic countries and has legal establishment. Bitmain will adhere to Switzerland’s higher powers (FINMA) and other regulations.
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