A Growing Trend of Crypto-Asset Investments in Switzerland among Millennials
Cryptocurrencies are getting popular as a viable option for investment among Swiss individual investors. The particularly young generation is increasingly venturing into Bitcoin and other crypto-assets.
A recent survey conducted by the market research institute Intervista on behalf of Migros Bank has confirmed that a growing number of the switch citizens are investing in cryptocurrencies.1500 Swiss residents had been involved in the survey and the research was done for the age group of 18 to 55 which reveals a promising environment for the Crypto-asset investments in the country.
Millennials more inclined towards the Crypto Investments
The survey revealed that 7% of the citizens in the age group of 18 - 55 already have invested either in Ether or Bitcoin cryptocurrencies. Moreover, 7% of citizens in the age group of 30 -55 are planning to invest more in crypto assets in the near future.
The survey revealed that 13% of the young generation in the age group of 18 - 29 consider a bright future for cryptocurrencies. Whereas older citizens above 55 years of age are not so excited about this investment option. Only One in hundred investors are interested to invest in crypto assets for long term i.e. only 0, 5 % of senior citizens are indulging into cryptocurrency investments.
Why the Current trend is important?
The survey is significant at this point as it has been done just after the imposed strict crypto regulations.
Following the directives issued by The Financial Action Task Force (FATF) and from EU’s 5th Anti-money laundering directives (5AMLD), the Swiss Financial Market Supervisory Authority (FINMA) recently tightened the travel rules. As per the rules, the crypto companies need to disclose their customer’s information who have transacted above $1000 during the traveling period.
Previously, FINMA had finalized this transaction limit up to $5000 (5000 CHF) but revised this limit of $1000 following the FATF and 5AMLD directives.
Switzerland a new Crypto Hub
Switzerland is already recognized for having the biggest crypto assets hub Zug’s ‘Crypto Valley’ which is the pivotal center for crypto-assets and blockchain-related businesses.It is now getting easier and convenient to spend digital money in Switzerland. Several retailers, luxury brands, hotels, and resorts are accepting crypto payments.
CBW - External Analyst