A maturing market in a fragmented world

By Noah Zahnd

It wasn't long ago that the crypto world revolved around finding one friendly jurisdiction to serve the globe. That era has clearly evolved. Walking the halls of this year’s Crypto Valley Conference in Rotkreuz, the conversation was notably pragmatic. The central theme discussed in nearly every session was no longer about a single token launch, but about the new strategic imperative: how to orchestrate a resilient, global business in a world of distinct and maturing regulatory frameworks. This new landscape makes the choice of a foundational home jurisdiction more critical than ever, serving as the stable anchor for any global strategy. Here are the key themes that emerged from the conference.

1. Navigating the regulatory patchwork

A dominant theme was the end of the "one-license-to-rule-them-all" era. With the EU’s Markets in Crypto-Assets (MiCA) regulation now in effect, the thinking has shifted. The question for projects is no longer just where to set up a single entity, but how to build a compliant global operation. As one panelist put it, the goal is now "how to set up in a more efficient way to service a global base." This doesn't mean the headquarters' location is irrelevant; it means its role is more strategic than ever. Companies can no longer operate globally from one sheltered jurisdiction. Instead, they face managing multiple licenses across the EU, the UK, the US, and Asia. This complexity magnifies the value of a stable, predictable home base, which becomes the essential anchor from which to orchestrate a global strategy.

💡Key Takeaway: As the global regulatory landscape fragments, a stable and clear home jurisdiction becomes a strategic anchor, not just a starting point.

2. Switzerland's enduring edge

So, with new frameworks emerging globally, is Switzerland still the best place to launch a token or build a crypto company? Answers at the conference ranged from a nuanced 'it depends' to a confident 'yes'. Panelists repeatedly praised Switzerland for its early and continued legal certainty, citing FINMA’s 2018 ICO guidelines as a foundational element that provided clarity years before other nations acted. This was complemented by discussions on the "good mood tax panel," which highlighted Switzerland's transparent and collaborative tax environment, and the crucial access to reliable banking, a pain point that Operation Choke Point 2.0 has made acute in the U.S. Furthermore, the flexibility of legal structures, from the traditional foundation model to standard corporations, allows for bespoke solutions that fit the unique needs of different Web3 projects.

💡Key Takeaway: Switzerland's comptetitive advantage lies not in a single law, but a holistic, time-tested ecosystem.

3. Blockchain, AI, and the future of trust

The conference also offered a powerful glimpse into the future, where Web3 technologies are poised to solve complex, real-world problems. For instance, as AI agents emerge, they require a secure and verifiable foundation for their data and actions, a role blockchain is uniquely suited to provide. This core principle of using blockchain for transparency and trust can also be extended to tasks like verifying emissions data. Discussions also highlighted other exciting use cases of blockchain, from streamlining micro-loans and cross-border payments to reshaping capital markets and democratizing access to investment for a global audience.

💡Key Takeaway: As our digital world becomes more complex, blockchain could very well become the essential foundation for trust and verification.

*The views expressed are my own and should not be considered comprehensive representations of all viewpoints shared during the event.