A new study shows that the sector in continues to grow, while traditional financial institutions are stagnating. The report was by SwissBanking on April 1.
The report dubbed “IFZ Study 2019” was prepared by the Lucerne University of Applied Studies with an aim to show developments in the industry in 2018 and analyze how position themselves vis-avis the industry.
Per the report, the Swiss sector showed significant growth in 2018. With 356 active companies by the end of the year, the industry reportedly grew by 62 percent. The sector reportedly registered larger venture capital , although the market for cryptographic assets was subject to a significant correction.
The report further notes that the industry is continuously developing compared to the general financial sector, where the number of organizations and employees have been reporting a decline. Per the report, companies are faster and more efficient in terms of implementation and deployment of new technologies.
When it comes to traditional financial institutions, banks purportedly have to evolve in order to stay relevant. The report reads:
“Swiss financial industry to the total income of the Swiss economy is a consequence of the steadily decreasing relevance of traditional financial institutions. Reasons for this development include new business models, that make some services provided by banks obsolete.”
The report also noted that distributed technology firms and crypto-related businesses were able to grow thanks to a friendly regulatory environment in the country.
In late March, Swiss President Ueli Maurer, that establishing for the sector should be fast and clear. Speaking about and other distributed technologies, Maurer said that Swiss authorities are “constantly looking for ways to stay two steps ahead.”
That same month, the Swiss legislature— the Federal Assembly — a motion to instruct the Federal Council to adapt existing legislation for crypto . The legislation is set to determine how to stifle -associated risks, as well as whether entities operating crypto platforms should be equated with financial intermediaries, and thus be subject to financial market supervision.
Published at Tue, 02 Apr 2019 03:19:02 +0000
