The Chinese mining giant "Bitmain" moved to Europe with a new subsidiary established in Switzerland. At present, Bitmain Switzerland will be based in Zug, known as the "crypto valley" for the whole world. According to information from the Commercial Registry in Zug City, it is among the trusted dependents authorized by "Jihan Wu", CEO and co-founder of Bitmain.
Regulatory authorities and regulatory incubation are also seeing a growing number of niche companies specializing in the region's crypto and cryptocurrency markets. Which are based on the government-subsidized crypto valley in Zug, is home to citizens. Citizens are allowed to pay for municipal services using bitcoin. On the other hand, the entry of Bitmain to Switzerland amid continuing restrictions on mining operations in China. Under the leadership of the People's Bank of China, the country's central bank, the authorities are looking to reduce the energy-intensive process of home-based petrochemical mining. By abolishing preferential policies such as tax cuts and cheap hydroelectric tariffs that are introduced to the Betquin metal in various Chinese provinces.
Although this is not an all-out campaign, the Chinese authorities are certainly stepping down the local mining system, forcing mining makers such as Bitmain to look for more suitable places. A spokesman for the company said after the announcement of subsidiaries in the United States, Singapore and Israel, that Bitmain chose the city of Zug Switzerland as its next global hub because Switzerland is one of the most advanced countries with good legal stability. "Bitmain Switzerland will play a key role in our global expansion," said the Beijing-based company.
Furthermore, Bitmain said it will recruit staff in Zug to actively communicate and cooperate with the Swiss Financial Market Authority (FINMA) and other regulatory organizations and government authorities in the region.
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