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Crypto Assets Study 2021: An overview of the Swiss and Liechtenstein crypto assets ecosystem

DOI: 10.5281/zenodo.6125563

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  • Title:
    Crypto Assets Study 2021: An overview of the Swiss and Liechtenstein crypto assets ecosystem
  • Author: Ankenbrand, Thomas ; Bieri, Denis ; Kronenberger, Timon ; Lötscher, Damian ; Sardon, Aetienne ; Schüpbach, Christian ; Vincenz, Dominic
  • Subjects: Crypto Assets
  • Description: The first edition of the Crypto Assets Study provides a comprehensive overview and analysis of the crypto assets market of Switzerland and Liechtenstein. The aim of this study is to shed light on the microstructure of the Swiss and Liechtenstein market for crypto assets, to identify relevant market participants and business models, and to provide indications of corresponding business volumes. In order to provide a structured overview of the market participants in the ecosystem, each market participant is classified according to a proposed framework, that is based on the provision of crypto asset related financial products and services, as well as the degree of centralization of the provider. To capture information about the market participants business models in a structured manner, and secondly to obtain information on the related business volumes, a survey among crypto asset companies in Switzerland and Lichtenstein was conducted. Each participating company is represented by a factsheet in the study. The result of the survey shows that high-net-worth individuals, family offices and other institutional clients are the most targeted customer groups of the surveyed companies in the Swiss and Liechtenstein crypto assets ecosystem. Retail customers, in contrast, are the target group mentioned least often, although there is evidence from surveys that an essential part of the Swiss population holds crypto assets. To estimate the crypto asset market volume and compare it with traditional market the investment volumes additional data was sourced from the subscription-based data providers Bloomberg and Morningstar as well as from SIX. The analysis based on this information shows that the Swiss market for crypto assets has seen strong growth over the past three years. This is reflected in the trading volume for direct investment into crypto assets, as well as corresponding indirect investments vehicles. The estimated annual trading volume on the largest 15 centralized and decentralized crypto exchanges, which cover a large part of the total trading volume, was CHF 96.6 billion in Switzerland from October 2020 to September 2021. Indirect investment products account for a trading volume of CHF 7 billion over the same observation period. A comparison with the total trading volume for all asset classes on the SIX Swiss Exchange of USD 1.4 trillion reveals that the trading volumes in the crypto assets ecosystem are, however, still comparably small.
  • Publisher: Hochschule Luzern - Wirtschaft / Institut für Finanzdienstleistungen Zug IFZ
  • Creation Date: 2021
  • Language: German
  • Identifier: DOI: 10.5281/zenodo.6125563
  • Source: LORY (Lucerne Open Repository)
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