Why Switzerland is Becoming a “Crypto Nation” with a Flourishing ICO Market

Switzerland has long been a global center for the wealth management industry, housing around $2 trillion, or 27 percent, of global offshore wealth.  Since 1934, Swiss bankers and regulators have resisted the efforts of foreign tax regulators, including the Internal Revenue Service (IRS) in the US, to obtain information about secret Swiss bank accounts. They claimed compliance with Swiss law and the need to protect the privacy of their customers, as Swiss private bankers smuggled US taxpayer wealth from the US to Switzerland in all sorts of creative ways. From bundles of cash hidden inside rolls of newspaper, to setting up shell companies, to jamming diamonds into toothpaste tubes, Swiss bankers aided tens of thousands of wealthy American clients to evade US taxes through secret offshore bank accounts.