Switzerland wants to become a crypto nation

While many countries are fleeing cryptocurrencies, Switzerland wants to embrace the new trend and become a crypto-nation. ICOs have risen globally from 2013 to the present from $ 800,000 to $ 4200 billion

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In other countries, politicians are expressing concerns about cryptocurrency mania, arguing for reasons such as security, regulation, or volatility. Not in Switzerland.

The influential mountain country wants to be a "crypto-nation," said Johann Schneider-Ammann, the Minister of Economy. Of the 10 largest Initial Coin Offering (ICOs), from which start-ups received funding by selling coins, 4 were based in Switzerland, according to PwC, the Financial Times reported.

While Schneider-Ammann spoke in St. Moritz about the fact that Switzerland wants to be a crypto-nation, the Berne government has announced that it is working on a project to organize regulators of ICO. It is to be expected that Finma soon - regulatory authority - will provide new information about what the ICO policy will be.

"We think there is huge potential, although the market is not as disciplined as we would like. We want this to prosper, but not compromise the standards or integrity of financial markets" says Jorg Gasser, State Secretary of the Swiss Ministry of Finance"

From 2013 to 2017, Initial Coin Offering funding increased 5.75 million times. In 2017 there was an explosion of funding from ICOs. Total funding worldwide amounted to $ 4.6 billion, compared to 2016 when funding was 23 times lower - $ 0.2 billion. In 2013, $ 800,000 in ICO funding was raised, the next year they rose to $ 31.3 million, but in 2015 there was a drop to $ 10.5 million.

Switzerland and the USA dominate the organization of ICOs.

Between January and October 2017, in United States $ 580 million were collected from the ICOs and $ 550 million in Switzerland. The next largest nation of ICO funding is Singapore with $ 184 million, followed by Russia - $ 111 million, China - $ 82 million, the United Kingdom - $ 67 million, and Estonia with $ 63 million. Other countries with more than $ 20 million in ICO funding are: Poland - $ 45 million, Costa Rica $ 28 million, the Netherlands $ 27 million, Slovenia $ 23 million, dollars and Hong Kong with $ 21 million.

"They (the Swiss government n. Red) want Switzerland to be the place where they happen, but they do not want to be seen as the "Wild West". “It is typical Swiss pragmatism”, says Martin Eckert, an SME partner, Swiss law firm.

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Digital pioneers say that Switzerland has become a center for ICOs because there is a core of wealthy investors and IT specialists. The little Zug, near Zurich, became unofficially "Crypto Valley". The Crypto Valley Association says it receives 5 to 10 daily requests from start-ups around the world interested in organizing a Swiss ICO. Another reason for the success of the crypto phenomenon in Switzerland is the openness to innovation for this country. "Swiss regulators are among the few in the world who really have a deep understanding of technology and how it works" Martin Eckert said.

The US and some EU countries have issued a warning about the dangers of ICOs, and China and South Korea have banned them. Regulatory laws in Switzerland, Gibraltar, Man Island, Cayman Islands and Mauritania have been favorable to the crypto phenomenon. Those who urged current safety precautions were: USA, United Kingdom, Hong Kong, Canada, Asuralia, Singapore, and those who opposed the crypto phenomenon were China, South Korea, Vietnam and Russia.

Now, let's be honest and say that it doesn't surprise us that Switzerland is the core country that sees the benefits of the blockchain and cryptocurrencies. It holds the treasures from the entire world and anyone who wants to keep his money safe he is depositing at a bank in Switzerland. While in peace or at war, Switzerland was always on the neutral side thus many world powers entrusted her with its reached. And now, as the are so vocal about cryptos, we would be fools not to listen and be part of this movement. I believe that this is a real sign of this industry power and a confirmation of its usefulness.