In Europe, Switzerland, Estonia, Malta and Cyprus have the most advanced and mature blockchain ecosystems with well-developed startup scenes and high levels of regulatory maturity, a paper by the EU Blockchain Observatory and Forum says. More specifically, the European Commission (EC) blockchain think tank places Switzerland at the epicenter of blockchain activity, not only in Europe, but globally, noting the country’s massive blockchain industry of 800 dedicated blockchain providers, among which eight unicorns, an active venture capital (VC) ecosystem, and supportive regulators that have formulated favorable rules for the sector to thrive. Switzerland moved early to clarifying the legal situation of crypto-assets, the paper notes, with the earliest report by the federal government published in 2018 that analyzed the applicability of existing legal framework on blockchain. Since then, specific guidance and initiatives have been announced, and this year, the so-called DLT (distributed ledger technology) bill will come into effect. Many observers and experts believe this regulatory development will further cement Switzerland’s position as a global blockchain powerhouse.