Strengthening Switzerland as a financial center with blockchain technology

The Swiss Blockchain Federation, the Crypto Valley Association and the Bitcoin Association Switzerland have jointly published a manifesto containing a comprehensive 12-point program to strengthen Switzerland as a blockchain location. The document analyzes the current situation as well as the strengths and weaknesses of the Swiss financial center and derives action points and recommendations for politics, administration and industry. The aim is to sustainably secure and expand Switzerland's competitiveness and innovative strength in the blockchain and fintech sector.

Future-oriented strategy

In recent years, Switzerland has established itself as a leading location for blockchain technology - thanks to a progressive regulatory framework, an innovation-friendly attitude on the part of the authorities and close cooperation between politics and industry. But this lead is under threat: Countries in Asia and the Middle East, are rapidly catching up and offering increasingly attractive conditions for blockchain companies; the Trump administration's sharp change in policy is acting as a beacon. At the same time, lengthy processes, regulatory uncertainties and new international requirements are perceived as obstacles in Switzerland.

In order to counteract this trend and make Switzerland fit for the future, a joint and coordinated approach is necessary, according to the stakeholders mentioned at the beginning. The manifesto's 12-point program addresses precisely this issue and offers concrete measures to promote innovation and competitiveness and remove regulatory hurdles.

12 Recommendations and demands for politicians, administration and industry

The manifesto formulates twelve concrete fields of action that serve as the basis for a strong and future-oriented blockchain industry in Switzerland:

1. Strengthen innovation-friendly framework conditionsFINMA should reinstate the promotion of innovation as a strategic objective and report on progress.
2. Technology-neutral and proportionate regulationRequirements for crypto service providers and stablecoins must be differentiated and made competitive.
3. Binding deadlines for FINMA authorization proceduresProcedures should be clearly structured and completed within six months.
4. Promoting digital moneyStablecoins and central bank digital currencies (CBDCs) are intended to create the basis for a digital economy.
5. Use of technology for complianceInnovative technologies are designed to make compliance processes more efficient and cost-effective.
6. Strengthening self-regulationSelf-regulatory organizations (SROs) are to be given more scope for action.
7. Transparent supervisory practiceFINMA should make its supervisory practice more open and strengthen dialog with the sector.
8. Removing technical barriers to investment: Barriers to foreign investment are to be identified and reduced.
9. More precise regulationVague standards are to be fleshed out through dialog between the authorities and industry.
10. Critically examine international standardsThe adoption of international standards into Swiss law must serve the interests of the location.
11. Encouraging industry to take the initiativeThe industry should develop standards and proactively address weaknesses.
12. Strengthening financing for start-ups and SMEsState support programs and tax incentives are to be expanded.

The Swiss Blockchain Federation, the Crypto Valley Association and the Bitcoin Association Switzerland have initiated this manifesto in order to position Switzerland as a leading blockchain location in the long term. The implementation of the objectives will be regularly reviewed and adjusted as necessary with the aim of implementing concrete measures. Other organizations interested in strengthening Switzerland as a blockchain location are also welcome to join the initiative.

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