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Swiss crypto startups worth over $44 billion, regulators increasingly friendly

10 Oct, 2018
by Arthur Sillers
News
Swiss crypto startups worth over $44 billion, regulators increasingly friendly

Zug, sometimes referred to as ‘Crypto Valley,’ is well known as a hub of crypto which is pushing Switzerland into a crucial position for crypto adoption. Crypto Fund has been licensed to manage crypto assets, significantly increasing its ability to issue crypto investment products.

According to Swiss Info, the Swiss Financial Market Supervisory Authority (FINMA) has issued its first ever cryptocurrency asset management licence to Crypto Fund, a branch of Crypto Finance, which will allow it to compete with traditional investment funds by offering guidance and working with institutional clients on investing in various distributed ledger-based products.

This marks Swiss regulatory authorities making good on promises to enhance legal acceptance of crypto enterprises, as well as grant these emergent fintech startups more access to banking services. Seba Crypto, also based in Switzerland is for example lobbying FINMA to grant it licensing up to full banking capabilities, joining a list of crypto companies which are lining up to get regulatory approval.

According to the Crypto Valley Venture Capital (CVVC) organization, Zug is a fecund incubator for crypto startups, the top 50 of which are worth a total of more than $44 Billion. The CVVC has also been pioneering self-regulatory practices for crypto, which many are pointing to as a necessity for an industry increasingly dogged by SEC and other regulatory controls.

Switzerland’s tech industry is positioning itself to really implement crypto in a major way. In the meantime, Crypto Fund has scored a major victory which will allow it to be a major player in Switzerland, often called ‘Crypto Nation,’ a reputation which will only be bolstered by this announcement.

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