Hello Swiss/Switz-based friends,
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Today we’d like to share with all of you some interesting thoughts on Switzerland and its role in the crypto industry.
We’d like to firstly highlight a comment by Olga Feldmeier, she’s the CEO of Smart Valor, a startup which intends to reinvent the Private Banking business by disrupting it with blockchain solutions. In an interview to Express.co.uk she mentions Switzerland as a heaven for crypto businesses given the fact the country is decentralized in its nature.
She said:
“If you would put ‘decentralisation’ of power on a line from 1 to 10, Bitcoin is at 10 and Switzerland is at 9”
“Switzerland’s direct democracy is unique example of how decentralisation works in practice. It is actually equivalent to what Bitcoin is in terms of technology.”
In the interview she tackles the subject of Swiss Private Banking and its current state, it’s no secret, it has been in a sharp decline since 2007, since the US started clamping down on its “secrecy” of accounts. Banks in Switzerland lost a huge amount of market share, you can see that from the decline in net income
And by the reduction seen in 2008-2011 period of Assets Under Management (AUM)
This “shock” has triggered the need for redefinition of the Swiss Banking industry's competitive advantage.
According to Mrs Feldmeier, cryptocurrencies will build this competitive edge for Switzerland. The reason why she thinks it will be possible, is that the “good” Swiss regulators: FINMA (The Swiss Financial Market Supervisory Authority) is champion and will not allow “wild-wild-west” crypto shady businesses to thrive, hence it will constantly review and assess risks.
As you can see regulations are highly welcome, my opinion is that this, when available and well set in stone, it will provide a clear set of rules for a level playing field. We cannot wait for those to come, hoping though they won’t be too harsh.
Are you a believer in the future of the country as crypto hub? Let us know what you think
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