Liechtenstein’s current status as the next frontier for the development of blockchain was a result of blockchain banking pioneers who boldly took the path many were scared to tread.
In every technological revolution, there are always a set of entities that make the first move. These entities explore concepts and technologies which many are scared to consider. Presently, the next technological revolution is powered by blockchain and like other revolutionary tools, there are entities that were key to its adoption.
Bank Frick is one of the first set of banks in Europe that embraced blockchain technology. The bank is located in Liechtenstein which is German-speaking principality near Switzerland. The CEO of Bank Frick Edi Wögerer told finews that the bank started doing business with blockchain start-ups four years ago-a period when blockchain was yet to be understood and researched. Woegere stated that:
“At the time, no-one was talking about blockchain.”
At the moment, Liechtenstein has positioned itself to overtake Switzerland as the new blockchain hub of Europe. As such, the principality has become the home for many blockchain start-ups that are hoping to make a name for themselves in the crypto space. In addition, Liechtenstein is working on introducing legislation that will further prove its pro crypto and blockchain stance.
It is clear that Liechtenstein commitment to becoming a blockchain and cryptocurrency-friendly state is bearing fruits. As such, the principality recently announced that it had lured over hundred blockchain-based firms to its territory.
Liechtenstein’s Banks And Crypto Firms
One of the factors that have contributed to the recent boom in crypto activities in Liechtenstein is its banking system. Banks in Liechtenstein are more inclined to do business with blockchain start-ups than Swiss banks which have stopped supporting crypto firms. As such, banks like Bank Frick are key to the revolution taking place in Liechtenstein.
According to Woegerer, “To be the first mover in Liechtenstein has proven to be correct and is now paying dividend”.
Regulations play a major role in a nation’s goal to become a blockchain powerhouse. However, cases like that of Liechtenstein and Switzerland shows that other factors could stifle this ambition.