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Zug citizens open to more blockchain-based e-voting

By | Articles, CVA in the News

Nearly eight in ten of respondents in Zug welcome e-voting secured by blockchain technology 

Zug, SWITZERLAND — November 30, 2018 — Most residents of Zug, Switzerland, approve of e-voting secured by blockchain technology as it makes voting quicker and easier than traditional ballots, according to those who participated in the country’s first ever blockchain-based e-vote last summer.

The City of Zug, Hochschule Luzern’s Blockchain Lab, and Luxoft, today jointly release a report evaluating the results of the e-vote in Zug. The report highlights the benefits of decentralized voting, outlines the underlying architecture of the blockchain-based system and analyses the experience of residents who participated in the vote.

More than 220 people in Zug have a registered digital ID and were eligible to vote on the platform, and nearly 100 responded to the survey carried out by the City, following the blockchain-based municipal vote on June 25 and July 1.[1]

The findings reveal that most residents welcome the prospect of more blockchain-based e-votes; 79% welcome the use of e-voting in the city, with just 2% opposed to it. Moreover, 52% agree that e-voting should be introduced to make voting easier and quicker than filling out a ballot. Despite the high level of approval amongst residents, some remain skeptical about the security of e-voting.  While 21% believe blockchain technology makes electronic voting more secure, 16% have security concerns.

The voters praised each element of the voting solution built by Luxoft, from verification to the use of private keys.  Many voters noted that not enough had been done to raise awareness of the voting trial to boost participation. This is reflected in the fact that of the residents that took part, 75% already owned a digital ID and only 25% needed to acquire a digital ID to vote. Residents therefore accept that the option to vote by mail in addition to e-voting is still needed today until further progress is made.

Zug’s city president, Dolfi Müller, welcomed the feedback and commented, “It is nice to see that, despite some minor difficulties, many people in Zug are happy to live in such an innovative community and look forward to further research and development in the field of digital ID and blockchain technology.”

“It’s clear from this report that voters in Switzerland today recognize the value in using a blockchain-based e-voting system,” said Vasily Suvorov, Luxoft’s Chief Technology Officer. “While the technology that underlies this system is extremely complex, residents agreed that the platform was simple and practical to use. This is a platform that makes it easy for people to interact with blockchain on an everyday basis.”

Dr. Alex Denzler, head of Hochschule Luzern’s Blockchain Lab concluded, “There is still more progress to be made before we see such systems implemented globally. All the partners integral to expand the blockchain-based e-voting system continue to collaborate so it can become an established, reliable solution for voters everywhere.”


[1] There are 220 residents in Zug with digital identities. 72 took part in the vote between June 25 and July 1, and 95 responded to the city’s survey after the vote to provide feedback on e-voting secured by blockchain technology and the voting process.

More digital ID from uPort and SBB

By | Articles
Is blockchain really going places? Yes, it is – in part thanks to the Swiss rail system!
This week, news on the blockchain development front is coming straight out of Switzerland’s Crypto Valley as the Swiss Federal Railway (SBB) has announced that it has recently co-designed a decentralised identity pilot with Linum Labs, using the uPort self-sovereign digital identity solution.
With SBB maintaining thousands of construction sites and over 30,000 employees across Switzerland, the pilot was built as a solution to verify the identity of construction workers at each site. Having multiple parties making entries on a record needed for public safety, ultimately linked to an individual’s identity, made this an ideal fit for a decentralised identity pilot. This would enable simple interoperability between all of the different actors.
This comes less than six months after the city of Zug tested a pilot application built using uPort for the identity of its citizens during the voting process.
More details on the SBB and Linum Labs pilot can be found here.
uPort is supported by ConsenSys, one of the leading blockchain development companies worldwide and a Strategic Partner of the Crypto Valley Association.

Linum Labs AG is a Swiss-based company that aims to build decentralized systems towards a healthier society, with a focus on health and identity.

CVA is founding member of Swiss Blockchain Federation

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The Crypto Valley Association is happy to announce that it is supporting the launch of the Swiss Blockchain Federation as a founding member. The Swiss Blockchain Federation (formerly the Swiss Blockchain Taskforce) is a publicprivate partnership, combining agents from the blockchain sector, the fields of politics and economics, the scientific community and the public sphere.
The aim of the Federation is to enhance Switzerland’s status as an attractive location for blockchain-based activities and maintain the country’s competitive edge in the sector.
The Crypto Valley Association looks forward to working with other members of the Federation to promote the crypto and blockchain ecosystem in Switzerland and beyond – and building bridges across all areas of the worldwide blockchain community.
More information can be found here (in German).

Interview with SEBA Guido Buehler

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SEBA Crypto AG recently made waves by announcing its launch of a bid to become Switzerland’s first fully-regulated crypto bank – building a bridge between the fiat and crypto world.

Its CEO, Guido Buehler (formerly of UBS) shared his thoughts on the vision for SEBA and what it might mean for Crypto Valley in an interview originally published on Sionik.


Tell us briefly how the idea for SEBA came about…

Just like almost everything else in our world, money is going digital. When I pulled the SEBA team together in early February, I had in mind a new type of bank. A bank that bridges the gap between the old and the new economies and one that promotes the core values of Safety, Transparency and Performance.  We are undergoing an economic transformation of epic proportions. Blockchain technology, the Internet of Things melding with the Internet of Money, the convergence of Cryptography, Computer Science and Economics – all of these technologies are enablers of the Fourth Industrial Revolution, which I and many believe is upon us.

Blockchain, also referred to as Distributed Ledger Technology (DLT), is about more than crypto currency or digital money. DLT is fundamental to securely storing physical assets in a digital format. By creating global, tamper-proof ledgers that authenticate ownership, assets such as securities, property deeds, artwork, jewelry and diamonds, personal identity documents and educational and other certificates of authenticity can be instantly validated, reducing the potential for theft and fraud. The proliferation of DLT is leading to the formation of new markets and innovative ways of creating value. This convergence of the digital and tangible worlds creates a significant need for a new type of banking paradigm. That’s why at SEBA, we are committed to redefining finance for the new economy.

If you could condense into one sentence – what is the mission of SEBA?

To be one of the world’s first universal, fully licensed and supervised crypto banks that will bridge the divide between traditional fiat and the new world of crypto.

You are aiming to obtain the highest level of banking license and yet many (most) refer to SEBA as a “crypto bank” – how do you reconcile these two aspects?

It is important to understand that FINMA doesn’t have a type of license that is specific to crypto banks. We are in contact with FINMA to apply for a Banking and Securities Dealer license.  What this means is that we will be able to offer crypto AND fiat – transaction banking and all other services – all from one financial services partner.

Our ambition is to help our clients achieve exceptional performance in terms of wealth management and growth, within a supervised and regulated framework. In today’s newly forming economy, we must be able to offer these services across both crypto and fiat, because crypto is rapidly emerging as a desirable asset class. We would not be able to deliver on our promise without the highest level of banking license attainable.

Does Switzerland and the blockchain world really need a “crypto bank?”

We believe the world does need a crypto bank because today, there is no gateway for major financial investors that facilitates movement of assets between the crypto and traditional financial markets. The crypto market’s global and unregulated nature means that significant groups within the traditional markets, such as institutional investors, asset and wealth managers, and family offices exclude themselves because the crypto markets are perceived to be too risky and speculative. The existing KYC, AML and other applicable laws and regulations may flexibly be adopted to crypto markets, but the majority of large institutional investors, who have a moderate risk tolerance, exclude themselves because of the lack of regulated and supervised market participants.

It is our vision that SEBA’s supervised and regulated services will encourage wider participation and form a bridge between crypto and traditional financial markets.


A majority of your team (yourself included) come from UBS – is this a value add or a downside for your development and eventual work with the core crypto community?

It’s good for a headline but it doesn’t accurately reflect the diverse nature of our team.  While some on our team have worked at UBS, Citi, Credit Suisse, Vontobel, etc, we also have security and technology experts from outside the banking world. And of course, we have deep expertise in the emerging crypto economy. We wouldn’t be able to deliver on our promise if we weren’t diversified outside the banking sphere.

The salient point to note is that everyone on the team has a track record for innovation and an entrepreneurial spirit, no matter what their background. We believe it is this combination of skill that is required to redefine finance for the new economy.

Much has been made of the trouble startups have in getting bank accounts in Switzerland. Is part of your mission to fix this? What does SEBA aim to offer blockchain/crypto startups?

Recent SBA indications are that blockchain businesses should be treated the same as other businesses. It is our ambition that to offer custody storage, transaction banking, trading and liquidity management, and crypto corporate finance services to crypto/blockchain companies funded in crypto currency.           

Let’s imagine for a moment that SEBA fails to obtain a banking license – will the project have been in vain? Is the value of attempting this as big as actually achieving it?

The world is changing, and I believe that all financial institutions know that crypto assets will eventually become part of investment portfolios, and a new manner of storing and creating wealth. We intend to obtain one of the first truly universal crypto banking licenses so we can deliver an incredibly important infrastructural piece of the crypto economy. Our efforts will not be in vain!

Can you tell us where the name “SEBA” came from?

We chose the name SEBA because it transcends geography and languages, it is feminine and masculine, to us it represents the ying and the yang. It speaks clearly to our ethos to kill the duality between crypto and fiat.

From your current position, what advice would you give to incumbent banks (i.e. UBS, Credit Suisse etc)?

I’ve no need to advise any banks, they have their own intentions and plans with regard to the digital economy.  Our ambition is to serve the wider banking economy, serving crypto companies, institutional investors, professional investors and even banks if they decide they need a gateway into the crypto world.

What are your impressions of the Crypto Valley ecosystem? Where do you think it is headed in the next 9-12 months?

SEBA is honoured to be part of the Crypto Valley ecosystem. We may be perceived as old bankers, but this is the true meaning of the merging of the traditional and the new economies. Old meets New! We are financiers, bankers, traders and security experts with a team of blockchain experts and world-class technology partners who are building a bridge between the traditional and new financial economies. The Crypto Valley ecosystem can only benefit from such a bridge.

Document yourself with regards to Swiss VAT uncertainties

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In this year’s early summer days, the Swiss Federal Tax Authorities (SFTA) has responded for the first time – after lengthy internal consultations – with a draft practice circular to the pressing issue of the treatment of crypto businesses and transactions such as ICOs and TGEs for Swiss value-added tax (VAT) purposes. Although it has been a first move into the right direction, the draft practice circular leaves a fair amount of questions and uncertainties which will remain until the final text has been confirmed by the SFTA. Hence, an impressive amount of comments has been submitted to the attention of the SFTA (incl. several members of the Crypto Valley Association Working Group Tax / Accounting / Structuring [CVA WG TAS]) to ensure the viewpoints of the crypto community are properly understood.

Nevertheless, business must go on and start-ups need to deal with such VAT uncertainties in an appropriate manner. Given the fact that unknowingness does not protect you from sanctions, it becomes necessary to smartly document the internal VAT and risk assessment of such VAT uncertainties.

A plausible option could be to supplement your accounts with a write-up of your internal considerations and reflections whether you see a VAT liability accruing or not from your business activities. Such documents and policy help proving a best-efforts approach once the final text of the VAT practice will be enforced. By not proactively acting upon these VAT uncertainties, there is a certain risk that the SFTA might interpret such behavior as being ignorant to the rule of law and could subject you to adverse VAT effects.

The Crypto Valley Association Working Group Tax / Accounting / Structuring and its members are available in case you look for professional support:

New WG Co-Chair for Western Switzerland Chapter

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The Western Switzerland Chapter of the Crypto Valley Association is glad to welcome Aires Marques as new co-chair to help further the expansion of the ecosystem in Swiss Romandie.

Until recently Aires, whilst a Senior Principal Blockchain Consultant at Oracle, oversaw the coordination of the Romandie Chapter of Toastmasters.

Special welcome to Aires!

CVA Statement on Swiss Banking Association Guidelines

By | Articles, CVA in the News

Swiss Bankers Association – with support from the Crypto Valley Association – has developed guidance for Swiss banks opening bank accounts for crypto & blockchain companies.

The Crypto Valley Association (CVA) welcomes the issuance of new guidance from the Swiss Bankers Association (SBA) to its members, regarding the treatment of blockchain-based companies in the country. The new guidance directed to member banks of the SBA is intended to provide increased clarity and assurance and remove barriers to the growth of the Swiss blockchain ecosystem.

The guide, an initiative of the SBA and developed with the input and assistance of the CVA Regulatory Working Group, makes key distinctions between blockchain-focused companies seeking to raise capital through an Initial Coin Offering (ICO) and those who do not. According to the outline, companies which do not fundraise through an ICO should be treated no differently than regular Small Medium Enterprises (SMEs). Further distinction regarding documentation needed is made between ICOs carried out with fiat currencies and those using cryptocurrencies. The guide has been welcomed by FDF, the Federal Department of Finance, and FINMA, the Swiss Financial Market Supervisory Authority.

Oliver Bussmann, President of the Crypto Valley Association, welcomed the announcement, saying “We have seen a lot of positive growth in the ecosystem over the past 18 months and now it was very important that the SBA, CVA and authorities could come together and successfully work on a solution that can ease some of the restrictions that could hamper the continuation of that growth.”

Dr Mattia Rattaggi, who chairs the CVA Regulatory Working Group, added, “This guide is an important and timely contribution. As a multi-stakeholder organization it was important for us at the CVA to bring a diverse range of perspectives and expertise to the table for the development of these guidance and we hope that it will benefit the healthy advancement of the crypto/blockchain industry in Switzerland.”

Switzerland has gained a world-wide reputation as a popular destination for crypto and blockchain companies. In 2017, four of the ten largest ICOs were conducted in Switzerland. In 2018 the country continues to rank among the most attractive places for blockchain companies.

Read the SBA announcement here.

Crypto meets VAT in Switzerland

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Work on the draft VAT guidance on cryptocurrencies by the Swiss Federal Tax Administration (SFTA) has concluded after intense and diverse discussions in the VAT and crypto community. The CVA Working Group Tax / Accounting / Structuring (CVA WG TAS) has gladly taken the opportunity to be involved in this discussion and to promots the active exchange between the CVA WG TAS, authorities, CVA members and crypto community as well as a sustainable opinion formation. Although still working on reaching a state of consensus within various topic leaders, individual members of the CVA TAS have already responded or are currently finalizing their statements to the SFTA.
In light of the general importance of this topic for the entire crypto community and to showcase the progress achieved by the members of the CVA WG TAS in the last couple of weeks, the CVA WG TAS will be hosting a dedicated meetup “Crypto meets VAT Switzerland” on Tuesday, 25 September 2018, 11 AM at MME Zurich (Zollstrasse 62, 5th floor).
Please find further information here.

Where to go and who to know in Crypto Valley, Zug

By | Articles

The past few years have seen Zug become more and more well-known not only for the multi-national companies that resort to the medium-sized Swiss canton for tax relief, but also for its vibrant crypto scene.

What started as a place to safely and securely conduct an ICO (in the style of Ethereum and others) has blossomed in to veritable mecca for crypto explorers and others who are anxious to make connections with the international community gathering in Zug.

Now there is a (short) guide to help curious blockchain entrepreneurs get a taste of where to go and who to know in “the Valley.”

Read the full Crypto Head’s (Short) Guide to Zug.

Personal Views: Interview with Luis Cuende

By | Articles

This is the first in a series of “Personal Views” – short interviews with people of interest in Crypto Valley, sharing their views, experiences and perspectives on living and working in this unique ecosystem.

Ian Simpson (CVA): How did your team come together to work on Aragon?

Luis Cuende: Aragon One, the first team working on the Aragon project, has expanded from just 2 people (Jorge and me) to 13 now, but we have always been very careful about the team members we invite to our family. Some of them were community members, some of them were in the crypto space before, and some of them are even new to the space!

As a really early stage project, what were the things you needed, the “holes” where you said “Hey – we need someone to help us on this?”

Well, most of Ethereum infrastucture is very early, so we felt that way a lot of times. However, we had to build a lot of that ourselves, hoping that other projects can use all that infrastructure instead of creating from scratch.

Why did you decide to move to Crypto Valley?

It was a mix of reasons and there’s more info at https://blog.aragon.one/aragon-zug-f4d7aaff15e1, but basically right now Aragon needs a jurisdiction where the regulators and the government makes things easy. Zug has been so welcoming and the people here understand that crypto can help Switzerland keep progressing as a society based on privacy and freedom.

Aragon is about decentralized organisations. What are the qualities that make a decentralized organization strong? Why does the world need them?

One of them is the decentralization of power. Centralized power corrupts, as shown by history a lot of times. Decentralizing it out opens the door to running fairer societies all across the world. It also has benefits in the individual scale, for example allowing individuals in oppressive governments or institutions to speak up and organize themselves without being in a disadvantage with other individuals. With Aragon, a kid in Venezuela has the same tools to create value than a Stanford graduate.

You aren’t Swiss, but being here and hearing as people talk about “Crypto Nation” Switzerland – do you think this is what is needed? Or should countries and nations stay out of trying to be “the” country?

Well, I don’t think they can stay away from it. Crypto is a tool that will completely reshape society. As a part of reshaping society, they will also reshape government, commoditize it and flip the relationship with their citizens. Switzerland, and especially Zug, is very well positioned to be the crypto jurisdiction. This will obviously create jurisdictional competition with other places, but that can only lead to a race to create better governments that work for the people, and not the other way around.

Do you think blockchain technology by itself is capable of enabling fulling decentralized organizations…or does it have to be combined other systems, some centralized etc to work best?

Fully decentralized works best! Decentralization needs openness, free software, community governance… having one of those without the other doesn’t make much sense.

You made the statement at the Crypto Valley Conference that since you were born in ’95 you had no way of comparing the growth of blockchain to the internet boom – do you think this “ignorance” or lack of experience is a good thing? Does it make you free to experiment more?

I think so. We have to find a right balance between freshness and experience, but I definitely think that not having a lot of bias of how things used to be done is very positive for this revolution. Most of the times you cannot draw parallels because it’s too different.

Where will blockchain be in 5 years?


Blockchain is… (10 words or less)

An immutable shared source of truth powered by game theory