Switzerland is known worldwide for its privacy-conscious legislation, world-class talent and its openness. Like blockchain, Switzerland is also organized in a decentralised way, which has a positive effect on understanding this new technology. The state government’s open and proactive attitude has led to extremely favorable conditions for blockchain companies, which has created a flourishing ecosystem that produces world premieres: in 2016, Zug became the first city in the world to accept Bitcoin payments for tax purposes; in 2017, Crypto Valley announced the introduction of a decentralized Ethereum-based digital ID system; and in 2018, the fintech company Amun launched the world’s first crypto index product on the SIX Swiss Exchange.
Switzerland has become a centre for new business ideas in the field of blockchain and distributed ledger technology (DLT). In particular, originally based in the canton of Zug, Crypto Valley has established a worldwide reputation as a hub for global growth, resulting in a high density of flourishing crypto, blockchain and DLT companies throughout Switzerland.