COSTS AND FINANCING
• In 2018, venture capital investments in Swiss startups rose by
32 percent to a record 1.2 billion Swiss francs. The strongest
growth was in investments in ICT companies.
• Of all the companies founded, the share of companies founded
in the blockchain & crypto sector is 0.47 percent. Together with
Great Britain, this puts Switzerland at the top, ahead of Germa-
ny, France and Spain.
• In 2017, Switzerland hosted four of the world’s five largest ICOs.
Switzerland also remained Europe’s most important ICO hub
in 2018: between January and October 2018, 86 ICOs with a
total volume of 1.65 billion US dollars took place here. This puts
Switzerland in the top 10 internationally and, alongside Singa-
pore, makes it particularly strongly represented among ICOs in
• The Swiss innovation promotion program Kickstart Accelerator
promotes deep-tech innovations in areas such as AI, blockchain
and robotics. Selected startups receive scholarships and sup-
port from established companies and universities.
• Swiss politics has made blockchain a research focus. In 2018,
for example, the Federal Council launched the national re-
search program “Digital Transformation”. With a budget of 30
million Swiss francs, it also supports research projects concern-
ing blockchain issues.
The world’s largest ICOs by country (2017-2018)
Source: CV VC, 2019
CONDITIONS AND MARKET ACCESS
• At the beginning of 2018, then-Swiss Federal Councillor Johann
Schneider-Amann formulated Switzerland’s goal of becoming a
crypto-nation. Under his patronage, measures were developed
to support this goal from the regulatory side.
• A report adopted by the Federal Council at the end of 2018 on
the legal conditions for blockchain and DLT in the financial sec-
tor shows that the Swiss legal framework is well suited to deal-
ing with new technologies, including blockchain. The report
emphasizes the government’s pragmatic attitude: In contrast to
other countries, Switzerland does not want a blockchain law,
but wants to integrate the new technology selectively into the
• Since the beginning of 2019, it has been possible to obtain a
fintech license, which allows public deposits of up to one hun-
dred million Swiss francs to be accepted. This also simplifies
blockchain and crypto companies’ access to the Swiss market.
• In February 2018, the Swiss Financial Market Supervisory
Authority FINMA published guidance on how to deal with ICOs
on the basis of existing financial market legislation. It defines
the minimum information for inquiries and the criteria for
• The legal form of a Swiss foundation offers advantages for
blockchain startups. Swiss authorities process registrations and
foundations quickly and easily. The purpose of the foundation
may be the development and maintenance of the protocol.
Since it is very difficult to change this purpose of a foundation,
experts believe that this form of foundation creates trust among
The top 10 most blockchain-friendly countries in Europe
Source: BlockShow Europe 2019