Switzerland Cryptocurrency Leadership Ready to Shine in 2018Published December 29, 2017 by Lee R
Get an overview of the depth of cryptocurrency implementation in Switzerland.
When it comes to cryptocurrency, Switzerland is rapidly emerging as an implementation leader.
While other regulation models and legislation in other European countries may have grabbed more headlines, Switzerland has nonetheless maintained a leadership role in developing blockchain, cryptocurrencies, and Initial Coin Offering ICOs for the past seven years.
The Key Platform
The epicenter for the Swiss blockchain ecosystem is rooted in the canton of Zug, where a platform with the most developed infrastructure for the localization and realization of blockchain projects can be found.
In Zug: banks are already working seamlessly with both fiat money and cryptocurrencies; an HSLU-I university trains blockchain specialists; headquarters already exist for a wealth of blockchain startups including Ethereum, Monetas, and Lykke; and in early 2017, Tezos Foundation Head Johann Gevers established the non-profit Crypto Valley Association to support and promote blockchain-based projects.
Short History in Zug
The first pilot blockchain projects appeared in Zug in 2014. The surrounding population embraced blockchain through referendums, electronic identification of citizens, acceptance of utility bill payments, and transport, to the point that the entire 30,000 population of Zug is currently in possession of their own electronic IDs.
Spreading the Word
Similar movements rapidly spread to other cantons such as Schaffhausen and Uri, and startup Procivis announced the launch of a pilot app store for electronic government based on blockchain. The new app affords Swiss citizens the opportunity to use an entire range of e-Government services, including tax declarations, voting, and digital identification services.
Swiss Financial Market and Blockchain
The Swiss financial market is also deeply immersed in blockchain, with Swisscom telecom firm, SIX Swiss Exchange, Zurcher Kantonal all experimenting with blockchain consortiums for over-the-counter securities trading, whereby parties are closing deals directly without use of any cryptocurrency exchanges.
Securities Market Integration
Swiss financial infrastructure provider SIX Securities has gone so far as to experiment with a blockchain platform for the securities market.
Other Sector Potentials
Blockchain technology beckons for other sectors as well, including energetics, telecommunications, and pharmaceuticals, with a staggering 75% of Swiss companies planning to implement blockchain technology over the next three years.
Integration into the Economy
Switzerland currently already has over 100 companies engaged in some form of virtual currency activity, including CurrenSky, Klik& Pay, Paymill, Equippo AG, René Hüsler.
Crypto at the Bank
Private financial institution Falcon Private Bank is the first bank to offer cryptocurrency asset management, and Falcon customers can buy and store Bitcoin, Ether, Litecoin, and Bitcoin Cash.
Governance and Regulation Status
At this point, Cryptocurrency operations also fall under Swiss anti-money laundering laws, but legislation is underway, with the non-profit Crypto Valley Association (CVA) developing a special ICO Code of Conduct in the interim.
Get Prepared, and Educated
To get a more substantial look at one of the most progressive infrastructural implementations of cryptocurrency and blockchain underway, get to the Geneva conference on February 21, 2018 for Blockchain and Bitcoin Conference Switzerland.