Switzerland and Liechtenstein’s Crypto Projects Experience 107% Surge in Value
A report by Swiss venture capital firm Crypto Valley (CV VC) reveals that the value of cryptocurrency projects based in Switzerland and Liechtenstein has increased by 107% year-over-year, reaching $382.93 billion. The surge in valuation is primarily attributed to the broader recovery of the cryptocurrency market. Ethereum, operated by the Ethereum Foundation, is currently the highest-valued project in these countries with a market capitalization of $273 billion, followed by Solana at $43.3 billion and Cardano at $20.8 billion.
However, despite the resurgence in the token market, global venture capital funding for Web3 companies has not fully recovered. CV VC researchers found that there were 1,031 venture capital funding transactions worth $9.8 billion for Web3 companies globally, representing declines of 55% and 69% compared to 2022 figures.
Switzerland and Liechtenstein’s Role as Crypto Hubs
Liechtenstein became one of the first countries to adopt specific legislation on crypto and blockchain in 2019 with the Token and Trusted Technology Service Providers Act (TVTG). This act established one of the world’s first regulated environments for token-related services. Switzerland’s crypto ecosystem has also evolved rapidly, with many local banks introducing cryptocurrency services. Licensed Swiss bank Dukascopy Bank launched its crypto-enabled services in September 2023, while SEBA has been actively onboarding crypto services to major private and retail banks since receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019.
The Growing Number of Crypto Entities
The number of crypto service providers in Liechtenstein has been increasing since 2020 due to optimal conditions for establishing and developing crypto businesses. The TVTG’s regulatory certainty and direct communication with the local financial market regulator, the Financial Market Authority (FMA), have contributed to this crypto-friendly environment. Switzerland and its neighboring countries have become significant hubs for blockchain adoption, with BBVA Switzerland adopting Ripple-owned tech firm Metaco’s Harmonize platform for crypto custody operations and the Swiss city of Lugano accepting Bitcoin and Tether for paying municipal taxes.
Hot Take: Switzerland and Liechtenstein Lead the Way in Crypto Innovation
Switzerland and Liechtenstein continue to thrive as crypto hubs, hosting over 1,290 crypto entities. The surge in value of crypto projects in these countries demonstrates their innovative legacy and contribution to both local and global economies. This growth is driven by the builders who are delivering trustworthy systems and revolutionizing how the world interacts and transacts. With their supportive regulatory environments and increasing adoption of blockchain technology, Switzerland and Liechtenstein are at the forefront of crypto innovation.
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