Switzerland's Essential Role on Blockchain Innovation in Europe.

The Swiss city of Zug, a picturesque lakefront community that was once a fishing community, has become the new European hub of blockchain and cryptocurrency development. Zug is where a handful of financial technology entrepreneurs decided to setup shop a few years ago; these days, the city is known as Crypto Alley, and it enjoys the support of the Swiss government as companies based here develop new blockchain solutions for both private enterprises and government entities. Outside of Zug, the conservative Swiss banking system, which is known for its strict adherence to privacy, has adopted significant regulations to advance the recognition and legitimacy of digital currencies on a national level. To this effect, the Financial Market Supervisory Authority now classifies cryptocurrency tokens in three manners: as a form of payment similar to fiat currency, as a means to access utility services or platforms, or as asset units that can be traded as investment securities. Perhaps the most interesting blockchain innovation being considered in Switzerland is related to handling referendums., It should be noted that Switzerland is a true participatory democracy, which means that citizens are often called upon to vote on various issues of regional and national interest. Electronic voting is already in use; however, legislators believe that blockchain voting systems could bring about solid improvement to Swiss democracy. Developers Zug have already tested two blockchain voting rounds in late June, and the results were overwhelmingly positive. The next step involves integrating a biometric identification process with the blockchain voting system for the purpose of holding a live referendum. Finally, stock exchange regulators in Zurich are also thinking about blockchain innovation in the sense that it could serve as the basis for the next generation of trading and investments. Thus far, the Swiss Infrastructure and Exchange Group has announced that it has begun building a blockchain platform that will initially be accessed by institutional investors; the goal is to one day allow individuals to use this trading platform to buy and sell investment securities. Given Swtizerland's strong legacy as a financial center, it is only fitting that it is becoming the European leader in blockchain development and implementation.