It may well be the realisation by politicians and banking chieftains that, looking into the future, it is becoming apparent that a traditional bank may no longer necessarily be needed to carry out many of the tasks some of the private banks and wealth managers have been performing.

This description is perhaps simplifying things a little, but at its core, "Swiss Banking" is about wealth preservation. As such, one of the major appeals has always been the safekeeping of clients’ assets and ideally avoiding too much transparency and public limelight. Blockchain and cryptocurrencies enable these custody solutions.

The large banks may not yet be openly embracing the space, but it is noteworthy that SIX, the Swiss main stock market, announced plans to establish a market for cryptocurrencies, particularly for all the tokens that are considered as securities—SIX is majority owned by the country’s banks.

Switzerland’s international worldview, its highly educated workforce, and a long heritage in (private) banking and wealth management appear to have created a unique space in which these combined factors form an environment from which a thriving crypto ecosystem is beginning to emerge.

Add to this, a government and regulatory framework that is attracting talent and capital, and you may come to the same conclusion as Ueli Maurer, the Swiss Federal Councillor, who at this year’s G20 finance ministers’ meeting underlined the country’s position and ambition on cryptocurrencies, saying that digital assets offer "a great potential for financial services." 

Sourced through Scoop.it from: pitchbook.com