Swiss blockchain firms on the rise

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A survey conducted by Swiss-based crypto investment firm CV VC, indicates that the number of blockchain firms in Switzerland and Liechtenstein has continued to rise, even through the bear market.

The report states that at the end of December 2018, some 750 businesses using blockchain technology were located in Switzerland and Liechtenstein. This, they say, represents a 20% increase over the previous year, which is equivalent to 121 new companies setting up in the two countries.

Switzerland and Liechtenstein are now also home to four ‘unicorns’ — these are startups valued at over $1 billion. These include, Bitmain, Cardano, Dfinity Foundation and Ethereum. In fact, the Top 50 firms in Switzerland’s Crypto Valley make up about a fifth of the global crypto-market, according to the report. CV VC also states that the “top 50 companies mentioned in the study employ around 480 people in the region and that overall, the sector employs around 3,300 people, most of them in Zug and Zurich.”

The positive efforts of the governments in these two jurisdictions have contributed to this growth in blockchain and crypto industries. In early 2018, Liechtenstein’s Prime Minister Adrian Hasler introduced new legislation regulating blockchain business models and the technology.

In Switzerland, the Minister of Finance, rejected the idea of blockchain-specific legislation, stating that existing laws could be tweaked to cover them and still provide legal certainty for blockchain-based companies. It is expected that the Swiss government will propose changes to six laws, including the civil code and bankruptcy law, in 2019.

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