Although the crypto winter is hitting the industry hard, investment in blockchain-related companies continues to increase. A report from Cointelegraph shows that Switzerland and Liechtenstein have seen increases in blockchain related companies in 2018.
The Swiss-based crypto investment firm CV VC conducted a survey of those two countries and found that by yearend, 750 blockchain companies were doing business in the two countries. That marks a 20% increase from 2017, when only 629 companies were based there. That includes four new companies valued at over $1 billion.
That isn’t to say that the crypto winter hasn’t hurt the industry. Of the top 50 blockchain companies, market value has decreased from $44 billion to $20 billion by the end of 2018.
The increase in crypto companies can be in thanks to favorable legislation and regulations found in these two Alpine states. Xapo, the cold storage wallet provider, recently announced they would move to Switzerland, leaving Hong Kong due to a lack of clarity in their regulations. Lamassu, the oldest crypto ATM company in the world, also announced they would move their headquarters to Lucerne, Switzerland, earlier this year, celebrating the countries “world’s leading cryptocurrency regulations” as the reason for their move.
Swiss banks have also done their part to make the region, sometimes called the ‘Crypto Valley,’ a world leader in cryptocurrency business. Falcon Private Bank very recently announced they would accept direct cryptocurrency transfers, which adds to the investment services they already had available.
Despite the increase in blockchain investment, Switzerland wants more. In December, the Swiss Federal Council thinks they could make their laws even more favorable for blockchain development, and encouraged the country to be “technology-neutral” with “exceptions if necessary” to attract more blockchain focused companies.
Liechtenstein has also created favorable regulations for the cryptocurrency industry. In August, Binance awarded the tiny nation with a crypto-to-fiat exchange service, offering trading pairs for Swiss Francs, Euros and Bitcoin Cash (BCH).
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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