In spite of the so-called "Crypto Winter," the number of companies in Switzerland and Liechtenstein that are involved in blockchain technology continues to grow. This according to a recent report released by the cryptocurrency investment firm CV VC, which is based in Switzerland. The report from CV VC states that — at the end of last year — there were about 750 companies operating in the so-called "Crypto Valley" (Switzerland and Liechtenstein) that were actively involved in blockchain technology. This represents an increase of more than 120 companies, or around 20%. 4 of these new firms in the area CV VC considers "unicorns," which means that they are currently privately held and have valuations of more than $1 billion. These companies include Cardano, Ethereum, Bitmain and Dfinity Foundation. CV VC further says that the top 50 companies in the Crypto Valley represent around 20% of the global cryptocurrency market. While the number of blockchain-related companies has increased in the Crypto Valley, CV VC notes that the market value of the top 50 companies there decreased last quarter from $44 billion to $20 billion, which represents a fall of about 55%. These top 50 firms currently employ a little less 500 people in the area, and the entire industry employs about 3,300 people, with the majority of them located in either Zurich or Zug. Helping drive the industry in the region has been the support of local governments. Early last year, Adrian Hasler — who is the prime minister of Liechtenstein — introduced legislation that would regulate both blockchain-related companies and their systems. The law allows for the integration of blockchain-related companies in a way that gives both businesses and consumers certainty going forward. Last month, Switzerland's Minister of Finance decided against pursuing similar legislation in the country, but at the same time he indicated that he thinks that the country could amend current laws so as to provide similar certainty for both blockchain and cryptocurrency companies. This year, the government is expected to make proposals relating to 6 changes in the law, which will affect both civil and bankruptcy law.
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