Swiss Bitcoin Association adds EY

8 years ago - Published in Finance, Fintech Land, Technical Analysis

Ernst & Young’s (EY) Swiss arm has announced formal support and membership of the Bitcoin Association of Switzerland (BAS). An announcement posted by the BAS on Wednesday states the move is part of the global consultancy giant’s continued foray into cryptocurrency.

“Being the first of the Big 4 to get into Bitcoin, the next obvious step for EY was to support our local Bitcoin community by joining the Bitcoin Association as a corporate member,” BAS stated.

The association exists as a lobby group raising awareness and organizing events centered on Bitcoin and the decentralization of money.

Switzerland is rapidly becoming a hive of activity in both the crypto and Blockchain sector, with the dedicated Crypto Valley Association located in Zug focussing on corporate involvement in the technologies.

In November 2016, EY Switzerland installed a Bitcoin ATM in its office space and provided its employees with a digital wallet app that enabled purchases with bitcoin. The much-publicized bitcoin binge is a part of the firm’s wider digitization effort. In January 2017, EY Switzerland began accepting bitcoin for the firm’s many services including advisory and auditing.

“It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies,” EY Switzerland CEO Martin Stalder commented on the BAS move.

Bitcoin-related developments and advances are becoming commonplace in Swiss society. The town of Zug famously began accepting bitcoin for municipal services in mid-2016 as a part of a trial. “With Bitcoin, we’re sending a message,” stated Zug’s mayor at the time. The serene, lakeside town of Zug is also known as Switzerland’s ‘Crypto Valley’ with about 20 industry companies including the likes of bitcoin wallet Xapo moving in to set up shop.

By the end of 2016, Zug’s city council voted to continue allowing bitcoin payments following the completion of the initial trial.

The operator of Switzerland’s national railway service also began selling bitcoin through its 1000+ ticketing machines across the country and will continue to do so until 2018. In November, Switzerland’s federal council outlined a FinTech-friendly agenda that included a regulatory framework for digital currencies.

This year, the Swiss government backed the launch of the Crypto Valley Association – also headquartered in Zug – as a non-profit advocacy and development group geared to attract blockchain development efforts in the country.