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Switzerland – a crypto nation
Blockchain – a renaissance technology1
The publication of the Bitcoin white paper in 20082 presented a bold digital vision and came as a direct response to the global financial crisis. It was the invention of a new, glo- bal and independent financial structure that is based on a decentralised network, i.e. one without a central authority. Blockchain technology assumed an interdisciplinary position at the interface between technology, finance and law. It is now seen as a renaissance techno- logy that is significantly changing society and the economy.
Switzerland emerges as a crypto nation
Thanks to blockchain technology, a hint of Silicon Valley can be found in Switzerland. Since 2013, an outstanding ecosystem for blockchain technology and digital assets that is respected worldwide has been developed here. Switzerland’s emergence as a crypto nation took place in three phases:
– Theinitialphasefrom2010onwardswascharacterisedbyprogrammerswhoenthusias- tically tested Bitcoin and other cryptocurrencies in small groups. Fundraising for new projects triggered a boom for initial coin offerings (ICOs) that culminated in 2017.
– With the issuance of the world’s first ICO guidelines by the Swiss Financial Market Supervisory Authority (FINMA) in spring 20183 and the authorisation of the first two pure crypto banks, namely Seba Bank and Sygnum, in August 2019, the next phase was ushered in.
– 2020markedthestartofafurtherphase:theemergenceofaregulatedecosystem with the entry of a greater number of traditional banks, including Maerki Baumann, offering crypto services such as trading, safekeeping and investment advice to a broad range of clients.
Recently, on 1 February 2021, the regulatory framework was brought up to date with an amendment to the legislation under company law4, putting Switzerland in a leading posi- tion worldwide!
1 A renaissance technology influences large parts of society, including the business sector, legal matters and social issues. The term is based on the period of modernisation that followed the Middle Ages.
2 “Bitcoin: A Peer-to-Peer Electronic Cash System”, www.bitcoin.org/bitcoin.pdf
3 www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/
4 www.sif.admin.ch/sif/en/home/finanzmarktpolitik/digit_finanzsektor/blockchain.html
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