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Swiss Stock Exchange Leading Cryptocurrency Revolution
Swiss Stock Exchange Leading Cryptocurrency Revolution

Swiss Stock Exchange Leading Cryptocurrency Revolution

Swiss Stock Exchange Leading Cryptocurrency Revolution

On July 6, SIX, the owner and operator of the Swiss stock exchange, revealed plans to launch a fully regulated cryptocurrency exchange. Its announcement signals a strong endorsement from one of the world’s premier financial hubs and continues the trend of Switzerland being at the forefront of cryptocurrency innovation.
Unlike many countries unsure what to do about cryptocurrencies, Switzerland quickly identified the potential of blockchain ledgers and embraced the new technology with clear regulations, business-friendly laws, and a supportive government, Cryptoslate reported.
In January Johann Schneider-Ammann, the Swiss economics minister, stated that Switzerland wants “to be a crypto nation”, and thus far, it has lived up to his declaration.
Switzerland’s crypto-friendly approach made it popular amongst blockchain companies. Zug, a small town outside of Switzerland’s biggest city Zurich, gained the reputation of being known as “Crypto Valley”, and as of March 15, Switzerland was responsible for 58% of Europe’s blockchain related funding.
Some notable ICOs based in Switzerland include Tezos, Bancor, DAO, and Status. In their ICOs, the four companies raised $238 million, $156 million, $142 million and $95 million, respectively.
The marriage between Switzerland and burgeoning cryptocurrency companies makes sense for the parties involved. For companies, Switzerland provides clear regulations, political stability and a history of a world-renowned financial system. For Switzerland, quickly adopting cryptocurrencies can ensure it remains a major player in the financial world.
SIX’s announcement to launch its own cryptocurrency exchange, despite bitcoin’s and the greater market’s decline in 2018, demonstrates a strong belief in the future of cryptocurrency. Jos Dijsselhof, CEO of SIX, boldly stated:
“This is the beginning of a new era for capital markets infrastructure. For us, it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.”
Expected to be open by the first half of 2019, the SIX Digital Exchange will be overseen by the Swiss national bank and Swiss regulator FINMA. In addition to offering for end-to-end trading, settlement, and custody services for bitcoin, it also plans to do the same for ICO tokens.
 

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