Strategy&, PwC’s strategy and consulting division, in collaboration with the Crypto Valley Association, a not-for-profit established to foster the growth of the blockchain ecosystem in Switzerland, have launched the first of what will be a quarterly report on Initial Coin Offerings. The report offers a comprehensive overview of ICO activity globally and in Crypto Valley; insight into emerging regulatory developments; and takes a look at what the future holds for this space.
President of the Crypto Valley Association, Oliver Bussmann said: “The Crypto Valley Association is delighted to collaborate with PwC on this ICO report. The blockchain and ICO space is constantly changing, and it was crying out for a high quality publication like this. This report has something for everyone, from C-Suite executives to budding entrepreneurs, to even the passive but interested observer,”
The report highlights the continued growth and increasing popularity of ICOs globally in 2017, with over 430 ICOs being conducted last year compared with just 2 only four years ago in 2013. Switzerland has emerged as a hub for ICOs due to its rapidly growing ecosystem centred around blockchain and cryptocurrencies. The report also highlights regulatory developments regarding ICOs globally, including China’s ban on the capital raising mechanism and the release of national ICO guidelines or regulations in a number of European countries.
Daniel Diemers, Fintech Leader Switzerland, Head of Blockchain EMEA at PwC Strategy&, commented: “The main purpose of this quarterly strategic perspective on global ICO activity will be to track the changes and developments in the industry as it undergoes continuous expansion and substantive change. ICOs are disrupting traditional funding models and it is imperative that we anticipate developments as best we can ahead of time,”
The report highlights how Zug, Switzerland, better known as Crypto Valley, has emerged as a hotbed for blockchain-based companies and advisory services, with many successful ICOs having been launched there over the past year. These developments have been helped thanks to the Swiss regulatory framework, which has to-date played an active role in supporting companies working with blockchain technologies. Switzerland’s tax system is also very attractive for financial service firms, of which there are many among the blockchain start-up community in the country.
Bussmann added: “This publication is an important step towards taking ICOs mainstream. By being better informed, we can ensure that regulation helps rather than hinders this extraordinary new industry. ICOs are here to stay and need to be understood from a global perspective, something this report provides,”