Zug, Switzerland, June 28, 2018 –– The Crypto Valley Association has teamed up again with Strategy&, the strategy and consulting division of CVA member PwC, to launch the June 2018 edition of their quarterly reports on the global Initial Coin Offering (ICO) market. The report, the second in its series, provides a comprehensive overview of ICO activity globally, while exploring key changes in the space since 2017. It also presents insight into regulatory developments in key blockchain hubs such as Switzerland, the United States, and Singapore and examines emerging trends in smaller jurisdictions globally.
According to Daniel Diemers, Fintech Leader Switzerland, Head of Blockchain EMEA at PwC Strategy& the report “…highlights the continued growth and popularity of ICOs globally in 2018, with over 537 ICOs conducted in the first five months of this year, raising a combined total of $13.7 billion USD – more than all ICOs which took place before 2018 combined. Going forward this quarterly report on global ICO activity will continue to track the changes and developments in the industry as it undergoes continuous expansion and substantive change.”
The reports conclusions shed a positive light on the local ecosystem in Switzerland. “This report shows that Switzerland is still a leading hub for ICO and blockchain activity,” said Oliver Bussmann, President of the Crypto Valley Association. “To my mind, Switzerland is the standard bearer in terms of establishing a regulatory environment for the digital economy. The Crypto Valley in Switzerland, offers a unique environment that embraces blockchain technologies and the potential of ICOs while always embodying Swiss values, such as privacy protection and confidentiality. I’m delighted to see that Switzerland continues to be very attractive to visionary entrepreneurs within the crypto space.”
While Switzerland, the United States, and Singapore continue to be leading centres for ICO activity, the United Kingdom and Hong Kong have emerged in 2018 as increasingly significant actors within the nascent global market. Smaller jurisdictions including Liechtenstein, Gibraltar and Malta are also following in the footsteps of Switzerland to position themselves as ICO-friendly hubs. In addition, the report highlights regulatory developments surrounding ICOs globally, noting three distinctive approaches which can be used to characterise the majority of emerging frameworks: ‘securities-driven’, ‘balanced’, and ‘binary’, most clearly observed in North America, Europe, and Asia, respectively.
“After all the hype of 2017, this year has seen the ICO sector becoming more mature and established, with an improved focus on best business and legal practice, investor relations and fundraising. Hybrid models of combined Venture Capital and ICO financing are increasingly bringing together the best of what both have to offer, so that the soundness of a business is validated while it realises its market potential by receiving crowd support,” concluded Diemers.
The full PwC Strategy& and Crypto Valley Association report can be viewed here.