The number of blockchain-related companies in Switzerland and Liechtenstein has continued to rise as per a survey conducted by Switzerland-based crypto investment firm CV VC, Top Market Group reports on January. 24.
Per the report, crypto- and blockchain-related companies still occur in the region despite the present market, that some have dubbed the “crypto winter.” CV VC states that at the end of December 2018, 750 companies using distributed ledger technology were located in Switzerland and Lichtenstein. This reportedly represents a 20 % increase over the past year consisting of 121 new firms coming into space.
Among the new firms within the region are four so-called "unicorns" — startups valued at over $1 billion: Bitmain, Cardano, Definity Foundation, and Ethereum. The top-50 of “Crypto Valley“ make up about a fifth of the world crypto-market, as per CV VC.
While noting an increased number of firms within the region, the report states that the recent decline in cryptocurrency costs has cut the market value of the 50 largest blockchain firms in Switzerland and Liechtenstein from $44 billion to $20 billion in q4 2018, a decrease of 55 %.
The top 50 firms mentioned in the study supposedly use around 480 individuals in the region. Overall, the sector employs around 3,300 people, most of them in Zug and Zurich.
The governments of Switzerland and Liechtenstein are active in supporting the emerging blockchain and crypto industries. In early 2018, the Liechtensteinian Prime Minister Adrian Hasler proclaimed the introduction of recent legislation to control blockchain business models and underlying blockchain systems.
The bill was written in order that business models supported blockchain technology may be integrated during a manner that provides legal and restrictive certainty for each business and customers.
While country Minister of Finance rejected the thought of blockchain-specific legislation in December 2018, he believes that existing laws are often tweaked so as to produce sufficient legal certainty for firms operating within the blockchain and crypto spheres. the government expects to propose changes to 6 laws, as well as the civil code and bankruptcy law, in 2019.
Additional reporting by Aaron Wood.
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