The X8 project has been involved in identifying possibilities and opportunities that exist in Switzerland in the area of cryptocurrency business for several months. X8 project infrastructure requires a set of various elements in order to perform cryptocurrency operations as shown in the X8 project plan.
Comparative research for the best options, legal framework, license requirements and the most appropriate canton choice with optimal development strategy was conducted in order to find the best long-term position. The goal of this is to implement all necessary steps towards establishing a complete corporate infrastructure licensed to carry out all activities related to the launch of the X8currency TGE and X8currency operations in the crypto market.
REGISTRATION AND COMPANY TAXATION
The company will be called X8 Capital AG and will be registered Switzerland as it is the best country to carry out cryptocurrency related activities.
The Swiss Corporate Tax Reform (CTR III) has recently approved that the corporate income tax rate be reduced from the current maximum rate of 14.6% to approximately 12% (including federal tax). Other adjustments on annual capital tax are planned.
Another part of the package is the introduction of a patent box regime as the concept of an R&D super deduction to promote innovation and R&D activities in Switzerland including such as in treasury and group financing.
The working model of X8currency includes multi-account and multi-broker operations, including foreign exchange activities, cryptocurrency exchange activities, gold trading, asset management and all necessary individual elements for the Automatic Reserve Management AI (ARM AI) to connect the processes of the X8currency into one workflow.
The project needs to operate as a Swiss company with a broker license (BOVV / External Asset Management) and to carry out activities in the Para-Banking sector under this license including the following:
- Managing assets on behalf of customers (discretionary or nondiscretionary basis);
- Accepting or holding on deposit assets belonging to others and assisting in the investment or transfer of such assets;
- Trading in securities (stocks and shares and value rights) as well as their derivatives, banknotes and coins, money market instruments, precious metals, commodities;
- Opening FX, CFD and commodity trading accounts for customers;
- TGE allocations, cryptocurrency trading and exchanging;
- Making investments as investment advisers;
- Holding securities on deposit or manage securities;
X8 CAPITAL AG, SWITZERLAND
The X8 project already works in cooperation with legal advisors and regulatory authorities for the successful setup of the licensed entity.
This architecture base allows us to build the necessary presence in Switzerland’s top crypto location and to properly operate within framework and legal requirements. It will allow us to market our cryptocurrency activities, including the TGE, and perform all management operations. This is the platform for our global product.