The Otonomist - April 2021 Switzerland Special
Unlike Swiss Rail, this month’s Swiss Special of The Otonomist arrives with a slight delay, largely because we’ve had splendid weather in April and have been mostly outdoors… We hopefully made it up with two in-depth pieces on Swiss entities, and an update on new OtoCo features released today. We end with a Swiss quiz.
– Han, Founder & CEO, Otonomos
NEW! You Can Now Pay for OtoCo Services in Both Crypto and Fiat
As we’re gearing up towards adding paid plug-ins to OtoCo entities, such as EINs and bank account openings, we first had to crack payments in an elegant way.
We wanted to give users the choice between crypto and fiat, since fiat may still be useful for smaller amounts and subscription payments.
You’ll get notified from within the Dashpanel when a payment is due and you can optionally add an email to receive notifications when you’re not connected to OtoCo.
Both crypto and fiat payments get processed in one place and a new Billing section in your Dashpanel shows what payments you’ve made.
This solution paves the way to an open marketplace for add-ons, both onchain and offchain, which is what we plan to work on next!
Turning the Swiss Verein into a DAO: An Alternative to the Foundation?
Many crypto projects have set up Swiss Foundations, including Ethereum itself. Many also have come to rue it: the governance restrictions, local requirements and overall expense may not outweigh the perceived prestige.
In this piece, we examine if the Swiss Verein (Association) could be a viable alternative for those blockchain projects that need a non-profit, transparent and decentralized entity to further their goals.
As part of our analysis, we share and briefly examine the Articles of the Libra (now Diem) Association, and analyze and comment on the Model Articles and smart contract code proposed by Swiss legal and blockchain practitioners.
Crypto-Capitalize Your Swiss Company: A Step-By-Step Guide ($)
In this contribution, we look at the sequence of steps when incorporating a Swiss company with paid-up capital in crypto rather than fiat.
Whilst handy for founders with significant crypto reserves, the process involves an audit of the amount of crypto in a dedicated wallet, and an attestation that you are the owner of that wallet.
Read here how this is done securely and the extra cost it entails.
On the Couch with Otonomos: Tell Us About Your Biggest Business Blockers as a Crypto Entrepreneur or Investor
On Thursday 29 April, we are inviting you on our online couch to talk about the biggest blockers you face as a crypto entrepreneur or investor.
Is it bank accounts?
Whether or not to incorporate and where?
How to raise money?
Anybody can join in so tell us what’s on your mind whilst we’re taking notes and see if we can doctor a solution.
Join us for a 60 minutes session on Thursday 29 April 2021 at 8 am PST // 11 am New York // 4 pm London // 5 pm CET
EXTRA! OUR SWISS QUIZ
Here are 10 questions to test your knowledge about supposedly crypto-friendly Switzerland:
Do Swiss companies need paid-up capital?
Is it easy to open a bank account for a crypto-related business in Switzerland?
Does a Swiss Foundation need a local resident director?
Is my name visible on public record when I am the shareholder of a Swiss company?
Are there any blockchain teams actually based in Zug or are these just brass-plate companies?
Does Switzerland have a Virtual Asset Service Provider license?
Do self-custodied wallets in Switzerland have to be whitelisted?
Is Swiss banking secrecy bullet-proof or like a Gruyere cheese with holes in it?
What is the analysis of governance tokens under Swiss securities regulations?
Can clients of Swiss private banks invest in crypto assets?
Next month we’ll unashamedly talk only about ourselves. We’ll share our vision for OtoCo, its roadmap, its funding and its proposed future governance, with special rewards for early stakers of the project.
Get The Otonomist on or around every third Thursday of the month!