Andrej Majcen, chief executive of Bitcoin Suisse, a Zug-based cryptocurrency services provider, believes Switzerland has lost importance as a crypto hub. He said so in an interview with the financial news agency AWP, picked up on 2 November 2026 by the Keystone-ATS news agency. According to him, Swiss politics has almost lost interest in the subject. His company is moving part of its operations abroad.

What the head of Bitcoin Suisse says

The assessment rests on an internal ranking. In recent years, Bitcoin Suisse has analysed where cryptocurrency adoption is growing and how regulatory frameworks are evolving, Andrej Majcen explains. "In this ranking, Switzerland is no longer among the leading countries," he says, according to Keystone-ATS.

The executive dates the decline back five or six years. During that period, "very little has happened" in Switzerland, while other markets put their own frameworks in place. In the Federal Palace, attention has reportedly faded at least since the UBS-Credit Suisse affair. "Quite simply, hardly anyone is interested any more," he sums up.

He contrasts this picture with the 2010s. At the time, Federal Councillors Ueli Maurer and Johann Schneider-Ammann were promoting the crypto hub. The Swiss Financial Market Supervisory Authority (FINMA), then headed by Mark Branson, was very open to innovation. Bitcoin Suisse had supported the token sale of the Ethereum Foundation, the model for the ICO boom ("initial coin offerings", fundraising through tokens) that peaked in 2017. This history is traced in our page on the Crypto Valley in Zug.

An executive restructuring his company

This judgement comes from a directly affected player. In Switzerland, 60 of Bitcoin Suisse's 120 jobs are being cut, as announced in September, according to the Keystone-ATS dispatch of 2 November 2026. The September announcement spoke of "up to 60" jobs. Staff were informed on 11 September 2026. Software development and back-office functions are to be grouped in centres abroad. The staff consultation ran until 20 September.

The stated reason has shifted. In September, a spokesperson insisted that the reorganisation was not a response to bitcoin's weakness but part of a growth strategy. He cited the licences obtained in recent months: the European MiCAR licence in Liechtenstein, as well as licences in Abu Dhabi and Bermuda. In November, Andrej Majcen stresses costs: "In the long run, our high cost base in Switzerland simply makes no sense." At its offices in Bratislava, Slovakia, salaries are reportedly 60 to 70% lower for certain positions.

Switzerland remains the centre of client-facing activities: advice, relationship management, wealth and asset management. The company now presents itself as an "international financial services provider", focused on institutional clients and high-net-worth individuals.

What the verifiable facts show

On the legal framework, the Federal Council describes itself differently. In its press release of 22 October 2025, it presents Switzerland as "one of the most advanced countries" in fintech and blockchain. It created a fintech licence in 2018. It was one of the first countries to bring blockchain rules into force, in 2021.

This law on distributed ledger technology (DLT) came into force in two stages, on 1 February and then 1 August 2021. It created a licence for DLT trading facilities. For the new licences proposed since then, the October 2025 press release presented a preliminary draft. No entry into force is announced in our sources.

The government also acknowledges that other countries have moved ahead. The same press release notes that "many foreign jurisdictions" have introduced supervision of stablecoins and crypto services. The Federal Council therefore put two new licences out for consultation until 6 February 2026: one for payment instrument institutions, which could issue stablecoins, and one for crypto-asset service institutions. The ceiling of 100 million francs in client assets under the current fintech licence would be removed.

FINMA, for its part, reached a milestone on 20 October 2026. It authorised the first bitcoin ETF under Swiss law open to the public. This fund, the Bitcoin Fund ETF (BBIT), is due to be listed on the SIX Swiss Exchange in November 2026, as detailed in our article on the Swiss bitcoin ETF BBIT. The broader supervisory framework is covered in our page FINMA and cryptocurrencies.

How much does the Crypto Valley still weigh?

The ecosystem figures show no decline. According to the report published on 15 April 2026 by CV VC, a Zug-based investor in the sector, the Crypto Valley counts 1,766 active blockchain companies. That is 134% more than in 2020. Zug accounts for 41% of them.

Venture capital grew in 2025: 728 million dollars in 31 deals, compared with 531 million in 53 deals in 2024. The Crypto Valley thus captured 47% of European blockchain funding, according to CV VC. These figures also come from an interested party, which invests in the startups it surveys.

IndicatorWhat it saysSource
Bitcoin Suisse internal rankingSwitzerland is no longer among the leading countriesAndrej Majcen, AWP interview
Active blockchain companies1,766, i.e. +134% since 2020CV VC, April 2026
Venture capital raised in 2025728 million dollars, +37% year on yearCV VC, April 2026
Share of European blockchain funding47%CV VC, April 2026
DLT law fully in forceSince 1 August 2021Federal Council
Draft new crypto licencesConsultation closed on 6 February 2026Federal Council

The two readings concern different things. CV VC measures the number of companies and the money raised. Andrej Majcen speaks of regulatory speed and political interest, without publishing figures. The local context also retains concrete uses: bitcoin pays taxes in Zug and Lugano. Our articles on the hub are gathered in the Crypto Valley section.

The Binance theft, an isolated incident in his view

Andrej Majcen does not expect a lasting loss of confidence after the theft suffered by Binance, the world's largest crypto platform. Suspected North Korean hackers stole around 6.3 billion dollars (5.16 billion francs) from it at the end of October 2026, according to Keystone-ATS. Binance reimbursed around 95% of the stolen funds from its reserves. For the executive, the incident is a matter of one company's operational security, not of the technology.

What we do not yet know

  • The method and the leading countries of the Bitcoin Suisse ranking: the excerpts published by Keystone-ATS give none.
  • The number of jobs cut at the Zug headquarters: the November dispatch speaks of 60 jobs in Switzerland, but in September the company could not put a figure on the share specific to Zug.
  • The timetable for the new crypto licences: the Federal Council's October 2025 press release sets no date of entry into force.

Sources

This article does not constitute investment advice.