Wäre Crypto Valley heute nochmals möglich?

Photo: Videvo

Author: Manuel Stagars
February 2026

Crypto Valley emerged in Zug around 2012 and has since established itself as a multi-billion-dollar powerhouse in the blockchain and cryptocurrency sector. Those who were there sometimes rub their eyes in disbelief and wonder how it all happened. Certainly, ten years ago hardly anyone was talking about crypto and blockchain, and the world was a different place. But the question is valid: Would something like Crypto Valley even be feasible today, or has the world become too regulated, too fearful, too competitive, and too climate-conscious? Let's be honest, it would be more difficult than back then, but not impossible. Let's take a closer look.

It all starts with the right conditions and framework. Crypto Valley was possible because everything fell into place at the right time. A small group of ambitious entrepreneurs wanted to launch their crypto businesses. They encountered an open-minded political system in Zug with few regulations and just the right amount of precision that prevented major scandals. Ethereum, with Vitalik Buterin at the helm, was the catalyst that set everything in motion. This was possible because Switzerland established clear regulations early on. As we've seen in a previous article, in 2017, FINMA introduced its first guidelines, viewing blockchain as an opportunity, not a risk. But what about today? The landscape has changed. Laws and regulations have become stricter, and global competition from hubs like Singapore and Dubai has intensified. If a new Crypto Valley were to emerge in Switzerland, it would have to comply with the MiCA regulation in the European Union, which has harmonized stablecoins and crypto services since 2025.

Regulation is a double-edged sword. On the one hand, it protects investors from rampant overgrowth and dubious offerings, but it also forces startup entrepreneurs to meet ever-increasing requirements, potentially stifling innovation. In 2013, it was possible to found a crypto startup without any licenses in a garage. In October 2025, the Swiss Federal Council opened the consultation process for amending the Financial Institutions Act (FINIG), which aims to clarify the regulation of fintech and crypto services. Two new licensing categories are at the heart of the matter, payment institutions and crypto institutions, which affect almost all companies in the crypto sector. Anyone offering a wallet, for example, will soon need a license. All of this makes getting started more expensive and slower. Instead of launching immediately, young entrepreneurs now need legal and compliance teams. A new Crypto Valley would therefore have to embrace regulation as a feature, not a bug. This naturally attracts a different kind of entrepreneur.

What about global competition? Back then, Zug was almost the only crypto-conscious jurisdiction far and wide, primarily because no government wanted to get involved with crypto in the era of Mt. Gox and Silk Road. Today, massive hubs like Silicon Valley compete with AI-blockchain mergers, or the UAE and Saudi Arabia with tax-free zones designed to attract entrepreneurs. Crypto Valley struggles to keep up, because Switzerland has always set the framework but doesn't support companies with financial resources. A new Crypto Valley would need firmly established partnerships with established IT companies. What a contrast to Crypto Valley in 2013! Back then, crypto was a niche thing for nerds. Today it's mainstream, which makes pioneering more difficult but facilitates scalability.

An additional major stumbling block are requirements regarding climate neutrality and sustainability. Early crypto entrepreneurs largely ignored energy consumption, but today, that's taboo. Proof-of-Work (Bitcoin) devours electricity like a hungry bear, while Proof-of-Stake models, which consume less energy, dominate. There are many ways to make blockchain networks greener, and a new Crypto Valley would have to be sustainable from the outset, otherwise it risks boycotts. The positive side: This creates opportunities for green innovations, such as tokenized carbon credits. But of course, this adds another requirement and another cost factor to the already modest budgets of young entrepreneurs in the crypto sector.

Social and economic factors also come into play, as good people have become more expensive. Pioneers used to flock to Zug for the promise of building a new, decentralized world. Today, every Big Tech company has a tokenization team that lures them with hefty salaries. Educational institutions like the University of Lucerne, the Lucerne University of Applied Sciences and Arts (HSLU), or ETH Zurich do train new talent, but since Covid, it's become easier to work across borders as a team, so the competition has become more global.

Is it possible, then, to build another Crypto Valley today? Yes, but differently. Not a Wild West like back then, but a regulated, sustainable model. Switzerland has many advantages here, such as its stable economy and direct democracy. But a similar model could also be built in Africa or Latin America, where a “Crypto Valley 2.0” could emerge with a focus on financial inclusion, the tokenization of harvests, and stablecoins that protect against hyperinflation. An exact replica of 2013 is therefore hardly possible, primarily due to regulations and competition, but a modern equivalent is certainly achievable. It's like building a house. A few hundred years, builders simply improvised, but today you need plans and permits.

If you want to hear more from the pioneers of Crypto Valley who were at the forefront back then, check out their interviews at www.cryptovalleypioneers.ch . They share stories that show how to overcome obstacles. Who knows, maybe they'll inspire you to create your own Crypto Valley.