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Switzerland evolving as a crypto and blockchain nation
SIX Swiss Exchange made a major announcement last week when it revealed its plans to launch “SIX Digital Exchange” – a full end-to-end and fully integrated trading, settlement and custody infrastructure for digital assets.
SIX said that it will be the first market infrastructure in the world to offer such a platform. Earlier this year, Nasdaq CEO Adena Friedman had said that the stock exchange would definitely consider becoming a cryptocurrency exchange over time.
Crypto industry experts believe that such moves by the traditional financial sector will open up immense possibilities for the cryptocurrency ecosystem as a whole. The growing interest of financial sector, including legacy financial powers, would help widen the reach of cryptocurrencies.
Commenting on the announcement, Gianluca Giancola, Co-founder and Head of UX & Design at blockchain-powered loyalty ecosystem qiibee, said that this development signifies the “conviction of Swiss leaders that cryptocurrencies are here to stay” and “will further boost Switzerland's position as a crypto nation.”
“Digital currency systems make transactions more cost and time efficient, especially with regards to cross-border activities, and has the potential to attract outside investors and revolutionize the existing capital market infrastructure. The digitization of existing financial processes will also help optimize these processes. I believe that crypto has the ability to improve every point of contact in the chain and will continue to disrupt the current global monetary system,” Giancola added.
Phillip Nunn, CEO of The Blackmore Group and Wealth Chain Group, said, “It just reiterated that the financial elite are integrating themselves with the digital currency revolution.”
Shane Brett, Co-founder and CEO of GECKO Governance - provider of ICO compliance solution GECKO Crypto1, believes that the launch of a fully regulated crypto exchange would underscore Switzerland’s “forward-thinking approach” to digital assets and cryptocurrencies.
“This step displays the growing level of confidence which entities such as the Swiss stock exchange and FINMA are placing in the growing blockchain sector, and the increasing understanding of how regulation, transparency, and trust influence perception and uptake of the technology. Switzerland has shown itself to be a hub for blockchain companies, and this announcement further bolsters that reputation,” Brett said. “Such dynamism and willingness by institutional actors to engage with this emerging economy will hugely benefit the global blockchain ecosystem, particularly once other nations take similar actions.”
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