A bank wants to see a solid business plan and requires you to provide all necessary documents on an individual basis. It is very helpful to know your bank contact personally, and on-site meetings can make a significant difference.
We had to engage with the compliance departments of major Swiss banks — for example, I met with the Chief Compliance Officer of Credit Suisse to explain how the mechanism worked. Over time, some banks became more open to crypto, but in the beginning the two most supportive were PostFinance and Bank Frick.
Looking ahead, what regulatory or legal risk do you see as most critical for Ethereum and the broader Crypto Valley in the next decade?
Unfortunately, the legal and compliance hurdles continue to increase, with banks and other institutions requiring us to complete more and more documentation.
What ongoing role do you think institutions like Ethereum Foundation, Crypto Valley Association, or Codex will play as Ethereum scales beyond Zug?
I believe Switzerland needs a more coordinated, centralized approach to setting up crypto and blockchain companies. My vision has always been to build a hub — Etherlaken, Zug — where, from the moment you arrive at Zurich airport, you can easily find your way to Crypto Valley.
At this hub, all your data and documents would be processed instantly at a Shared Services Center. You could meet directly with authorities, as well as legal, compliance, accounting, audit, and insurance representatives — all in one place, offering true “concierge services.”
The hub would also provide everything needed to settle in: office space, apartments or hotels, shopping, childcare, fitness facilities, restaurants, and event spaces — all on the same campus. With more than 700 companies already established in Zug, supported by numerous law firms, compliance specialists, and accounting firms, such a central base is essential.
We cannot scale without providing these services in one place. This is my vision of Switzerland as a Service (SwaaS).
You’ve lived through Ethereum’s origin. What do you wish the global Ethereum community understood better about how it all began?
Well, all these people were very young, enthusiastic, and a little crazy. Of course, it might have helped if they had already run a company in Switzerland — but then they may not have had the same courage and boldness to create something so innovative.
If I had to describe what Crypto Valley, and by extension Ethereum, has become over the last ten years in one word (or metaphor), I would say: a thriving ecosystem.
It has grown into a vibrant community of highly skilled people from many different fields, all striving to achieve something in their respective markets. And importantly, there are financial resources available to support and enable this growth.
How hard was it really to get a Swiss legal entity and bank account approved for a crypto project back then? Any war stories?
Opening a bank account is still a very difficult process. You need to know not only the bankers but also intermediaries who can guide you through it. Simply filling out forms is not enough — in Switzerland, it all comes down to relationships.
Did you ever have to ‘translate’ Ethereum’s vision into something bankers or regulators could even begin to understand?
Oh yes — there were many skilled people who did a great job of translating the vision and mission into very simple terms. Unfortunately, the majority of people still do not truly understand the meaning of blockchain and crypto.
What was the most emotionally difficult moment for you during Ethereum’s launch phase and how did you push through it?
Once, I was called to the spaceship at midnight because two groups were fighting — the coders versus the marketing and business people. At that moment, I thought it might be the end of everything. Fortunately, we managed to find common ground, push through the last two miles of the marathon, and cross the finish line together.
Did you ever question if Ethereum’s ideals were too idealistic for the real world especially when dealing with traditional institutions?
No, I think this is the right way to go for our society.
What was the funniest or strangest thing that happened while trying to explain Ethereum to Swiss lawyers or accountants?
Well – there were some people who thought that we are creating a new ‘WIR’ Gemeinschaft in Switzerland, or Die Bank WIR – WIR currency – they laughed at me, since in their view that concept is already on its way out.
