The term "Crypto Valley" was born in reference to Silicon Valley, as the first blockchain companies settled in the area of Zug in 2013. Switzerland was able to create the necessary legal certainty for a thriving ecosystem around blockchain and cryptocurrencies thanks to its politics and regulations.
The regulator responsible for setting the legal framework for the industry has been active since 2015, which is very early in the blockchain field. The FINMA (Swiss Financial Market Supervisory Authority) first released ICO guidelines and then granted bank licenses.
The Crypto Valley: a thriving ecosystem
Over the years, the area has seen new companies settling in and steady development. Co-working spaces in Zurich and Zug have emerged, and the University of Basel, as well as later the ETH (Swiss Federal Institute of Technology) have been able to attract programmers who were important for the further development of blockchain technology.
The financial center of Switzerland and the boom in the fintech industry have also had a significant impact on its development. Now, there is an ecosystem of diverse companies around the blockchain technology, including specialists for digital assets with bank licenses. Around 5,000 employees and more than 1,100 companies enriched the blockchain ecosystem of Switzerland by the end of 2022. An important pillar of innovation of the blockchain hub, located between Zug and Liechtenstein, is represented by the numerous start-ups.