The reputational balance of the early years

The balance of the early years is mixed. On the positive side, Zug became the seat of the Ethereum Foundation, whose protocol became the second-largest crypto network in the world, and of a number of projects that have lasted. While the canton gained an international reputation for openness to technology, law firms, fiduciaries and service providers built new practices. The canton's tax base benefited from the new companies and their employees.

On the negative side, the canton's name was attached to failed projects and to disputes such as the Tezos affair. Investors in token sales lost money when prices collapsed in 2018. Some of the projects had never had a realistic prospect of success, while others were frauds. The authorities of the canton had little influence on those developments, since financial market regulation is a federal matter, but the reputational consequences fell on the canton. The lesson that the authorities drew was to emphasise quality and to support the development of a regulatory framework at the federal level, a development that Chapter II describes.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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