The 5th largest cryptocurrency exchange, Bitfinex, is looking to set up shop in Switzerland according to a report given by Handelszeitung. Bitfinex is currently operating out of the British-Virgin Islands, and is owned and operated by it’s parent company iFinex inc. The decision to move to Switzerland follows a slew of many other tech companies and start-ups making Switzerland their home in the past year. Switzerland has been establishing itself as one of the largest growing tech hub’s and a crypto friendly nation.
The news of Bitfinex wanting to set up their official headquarters in Switzerland has been welcomed by the Switzerland Council of States. The council as well as many tech entrepreneurs see the move by one of the largest cryptocurrency exchanges as a benefit for the country’s emerging tech economy. Bitfinex has been reported to already been in talks with the Department of Economic Affairs, as well as the State Secretariat for International Financial Affairs.
All though it seems all directions are pointing to Bitfinex making the move and registering as a Switzerland based company, the Financial Market Authority (FINMA) still needs to grant approval for the relocation. FINMA does not disagree with the potential of crypto and blockchain technology, but being that crypto markets are still in its infancy stage, the risk maybe one of the factors that will halt the decision.