The previous year was pretty depressive as far as crypto market and the prices are concerned. However, the intensity of the influential ‘crypto winter’ appeared to be reduced when it comes to the increasing number of blockchain-related firms in Switzerland and Liechtenstein. Switzerland and Liechtenstein have gained significance as a place for blockchain firms to develop.
Switzerland-based crypto investment firm CV VC has carried out a survey which concludes that the number of blockchain-related firms in Switzerland and Liechtenstein has continued to grow. The report details that around 20% of growth has been observed in the number of blockchain companies in Switzerland amounting to 750 in the last three months of 2018.
Though, not so exciting news is that the market capitalization of these start-ups saw a nose-dive reducing to its half. Some of these distributed ledger technology firms are famously known as “unicorns”, which include firms valued at over $1 billion. Such giant crypto companies include Ethereum, Bitmain, Dfinity and Cardano, as they are with the highest value, according to the survey. Notably, CV VC is a Zug-based crypto-investment firm and PwC consultants.
Switzerland has built an image of a blockchain friendly region, establishing itself as a global hub for the blockchain industry. Majority of the crypto related activities are around the Crypto Valley of Canton Zug and in the Zurich financial center. Though, the survey also indicates Geneva and Ticino as regions having crypto entities in them. The report shows that over 3,300 people are working in the blockchain industry in Switzerland and Liechtenstein, and Zug or Zurich regions are densely populated with blockchain sector employees. In Switzerland and Liechtenstein, approx 60% of the companies are pure blockchain start-ups.
In Switzerland and Liechtenstein, the governments have a supportive approach for the nascent blockchain and crypto industries. In 2018, Prime Minister of Liechtenstein Adrian Hasler signalled to the new legislation which will regulate blockchain business models and blockchain systems. The new legislation bill is designed to provide legal and regulatory certainty for both businesses and customers. On the other hand, the Swiss Minister of Finance doesn’t agree with the idea of implementing blockchain-specific legislation. In the existing laws, The government plans to propose changes to six laws.