The new rules helped attract the team behind ethereum, the second biggest cryptocurrency by value, to Zug. The Ethereum Foundation, which promotes and supports the cryptocurrency, is based in Zug and Bitcoin Suisse helped advise the group on its initial coin offering (ICO) in 2014.
"The whole starting point was the Ethereum Foundation," Oliver Bussmann, president of the Crypto Valley Association, told Business Insider. "They decided to set up the foundation here and that triggered the set up of a new ecosystem — law firms, tax, accounting, smart contract evolvement firms, startups, universities."