zugnotes.com
Field notes from the world's crypto capital
Insider observation on Swiss crypto regulation, Crypto Valley ecosystem reality, and what holding crypto actually looks like in Zug — written for globally curious readers, not industry insiders.
Recent Field Notes
All posts →- ecosystem
What Crypto Valley Actually Looks Like in 2026: 1,749 Companies and One Very Expensive Lake
The CVA report says 1,749 blockchain companies. Switzerland captured 47% of European crypto VC in 2025. But what does Crypto Valley actually look like in 2026? A field note from Zug on the numbers, the geography, and the gap between the brochure and the street.
- regulation
FINMA's Crypto Guidance 01/2026: What It Actually Means for Custody (Not the Legal Version)
FINMA published Guidance 01/2026 on crypto custody in January 2026. Here is what the circular actually requires — asset segregation, foreign custodian rules, and what changes for individuals holding crypto via Swiss institutions. Plain language, not a law firm memo.
- regulation
Switzerland's CARF Delay Explained: What 2027 Really Means for Crypto Holders Here
Switzerland enacted CARF law in January 2026 but delayed actual data exchange to 2027. Here is what the delay means in practice: what your bank collects now, what gets shared later, and what a Swiss crypto holder should actually do differently in 2026.
- holding
Using Crypto Day-to-Day in Zug: What Actually Works and What's Still Friction
Zug is famous for letting you pay taxes in Bitcoin. But what about coffee, groceries, or parking? A field note on which crypto payment channels actually function in daily Zug life, where the friction still lives, and what the adoption reality looks like beyond the headlines.
- regulation
MiCA vs FINMA: A Field Note from Someone Who Watches Both
MiCA and FINMA are not competing for the same thing. Standing inside Crypto Valley and watching both regulatory frameworks operate across a single border, the differences are real — and not what most comparisons get right.
- ecosystem
The 6 Streets in Zug Where Most Crypto Deals Happen
A geographic field note on Zug's crypto infrastructure: the six streets where blockchain companies cluster, deals get made, and the whole Crypto Valley ecosystem actually runs. With specific addresses, office occupants, and cafes where you'll spot the who's-who.
- holding
The Swiss Crypto Tax Advantage: Capital Gains Free, But Wealth Tax Is Real — A Plain-Language Guide
Switzerland exempts private investors from crypto capital gains tax — that part is real. But wealth tax applies to your entire crypto portfolio every December 31st, staking income is taxed as ordinary income, and staying classified as a private investor takes active attention. A plain-language field guide to all three.
- ecosystem
CV Labs and the Zug Co-working Scene: Is the Crypto Valley Hype Real?
CV Labs claims 200+ tenants and the title 'heartbeat of Crypto Valley.' Is the hype real? A field note on what the Zug co-working scene actually looks like — the density, the community events, and why some crypto companies in Zug are not in CV Labs at all.
- holding
What Getting a Crypto-Friendly Bank Account in Switzerland Actually Takes
SEBA, Sygnum, Bank Frick, InCore — Switzerland has real crypto-native banks. But what does opening an account with one of them actually involve? A plain-language field note on minimum thresholds, KYC depth, who gets in, and who gets turned away.
- ecosystem
Why Ethereum Was Born in Zug: The 2014-2017 Origin Story Most People Get Wrong
Ethereum chose Zug not because of tax rates but because Swiss foundation law gave the 2014 presale legal structure no other jurisdiction offered. A field note on the real origin story — the spaceship house, Stiftung Ethereum, and how Crypto Valley got its name.
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