This year’s CV Summit in the Crypto Valley was different from previous years. Projects were more professional and mature. The Swiss Minister of Finance promised fast and clear regulations. One month on, what can we learn from this?
Last month, on 27th March, the same day Liechtenstein held its Finance Forum in Vaduz, the CV Crypto Valley Summit took place in Zug, Switzerland. The biannual gathering attracted more than 1,000 attendees including leading politicians, investors, startups and the corporate sector.
Formerly known as the “Blockchain Summit – Crypto Valley,” the event is now called CV Summit. When asked why the word “blockchain” has was taken out of the name, Mathias Ruch, CEO of Crypto Valley Venture Capital and organizer of the event, said it was part of a larger rebranding campaign.
The theme of the event was “BUIDL,” a wordplay relating to the term “HODL,” suggesting it’s time for the market to move to the next level.
Crypto spring in front of our doors
The atmosphere at the summit was positive, and despite the recent bear market, the event participants are anticipating a bright future. In an interview with CNN Money Switzerland, Mathias Ruch speaks of a Crypto Spring: “Crypto spring means the next level of blockchain development is right in front of our doors,” says Ruch.
He explained that the crowd at this year’s summit was different compared to the previous years. Projects coming now are pre-funded, they often have Venture Capital funding or at least Angel funding in place, they are more mature and have proper business plans, not just a three-page whitepaper.
And it’s not only startups that are coming. Among the event participants were international corporations that want to learn more about the technology and explore opportunities.
Ruch explains corporates are seeing the current status of blockchain technology as an entry point. While it’s clear for them that blockchain will have an impact on their business models, the question is more how to allocate resources and what are the best use cases.
Minister of Finance announced fast and clear regulations
One highlight of the event was the speech by Ueli Maurer, Switzerland’s Minister of Finance. Maurer stressed that regulations for the blockchain sector need to be established fast and they need to be clear.
That sat well with the audience. Recently, the private sector and also the Crypto Valley Association have blamed the government for being too slow and not keeping up with the broader regulatory developments in Europe and globally.
Maurer addressed the blockchain community at the CV Summit just a few days after the Swiss government had introduced a blockchain-friendly consultation process. Also, the parliament has voted for more crypto regulations earlier this month, suggesting digital exchanges should be regulated by the FINMA as financial institutions.
Maurer referred to these developments and pointed out that what has been proposed by the parliament is superior in scope to the legal amendments the government had planned earlier.
He also invited the crypto and blockchain sector to pitch new ideas to the government, saying, “our doors are open.” And that’s likely to be more than just rhetoric. The Swiss government has been blockchain-friendly over the last years, and it seems lawmakers recognize the need to push further.
Altogether, the summit demonstrated that Switzerland is moving in the right direction. Switzerland is not the right place for every blockchain startup, also concerning the high living costs. But for those businesses that seek a more professional environment, Crypto Valley surely is an alternative.