Crypto-Friendly Statesman Takes Over Swiss Presidency

Financial system & Regulation

After serving as finance minister of some of the economically influential nations over the previous three years, Ueli Maurer is now beginning his time period as President of the Swiss Confederation. Given his observe document and liberal views relating to fintech regulation, Maurer’s election is taken into account a constructive growth for the Alpine nation’s increasing crypto trade.

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Symbolic Position With Decisive Vote

Ulrich ‘Ueli’ Maurer is considered one of seven members of the Swiss Federal Council. The physique that holds the chief energy within the nation is headed by a rotating presidency shared among the many councillors. The place is essentially ceremonial and symbolic, however the president has one essential function – his vote can tip the scales when the council is split on essential choices. On Dec. 5, Maurer was elected by the Swiss parliament for a one-year time period in 2019 with the spectacular assist of 201 out of 209 members.

Crypto-Friendly Statesman Takes Over Swiss Presidency
Ueli Maurer

The 68-year-old educated accountant has been credited for his insurance policies as head of the Federal Division of Finance controlling the general public price range, Swissinfo reviews. Maurer has additionally demonstrated functionality to grasp the modifications which can be going down within the monetary sector and the necessity to undertake liberal laws for the trade constructed round blockchain applied sciences and cryptocurrencies. Digitalization is among the many president’s prime priorities as properly.

Over the previous few years, Switzerland has step by step develop into some of the crypto-friendly jurisdictions in Europe and on the worldwide stage. Final month, the Swiss authorities introduced a complete technique recognizing distributed ledger applied sciences as an essential growth for the monetary sector and aiming to construct a authorized basis for his or her implementation.

The doc requires the adoption of amendments to the present legal guidelines that will enhance Switzerland’s standing as a crypto-friendly nation. Amongst different proposals, the technique focuses on the combination of decentralized digital currencies into the nation’s financial and monetary infrastructure. That’s an emphasis that tons of of crypto startups primarily based within the Swiss Crypto Valley in Zug ought to actually respect.

Crypto-Friendly Statesman Takes Over Swiss Presidency

The reluctance of conventional monetary establishments to offer common banking providers to those companies has been a serious hurdle for his or her growth. Final yr, native officers within the canton of Zug and representatives of the federal authorities expressed issues that if the problem shouldn’t be sorted out, many of those corporations might relocate to jurisdictions providing extra favorable circumstances. Their quantity in Europe is rising and already consists of Malta, Gibraltar, and Estonia.

Digital Property Carry Potential for Monetary Providers

Crypto-Friendly Statesman Takes Over Swiss PresidencyUeli Maurer is amongst these politicians who noticed the risk to Switzerland’s management within the crypto house. In Could, he invited representatives of the Swiss monetary regulator Finma, the Swiss Nationwide Financial institution, and the Swiss Bankers Affiliation (SBA) to a roundtable dialogue on the matter.

Following the assembly, SBA fashioned a working group to resolve the issue. It was tasked to create a set of procedures for banks to observe when opening accounts for entities transacting with cryptocurrencies. Some Swiss banks have since then began to just accept purchasers from the crypto sector.

The brand new president has been lively on the worldwide scene as properly. Through the G20 finance ministers’ assembly in Buenos Aires final July, Maurer shared his nation’s place on cryptocurrencies, emphasizing that digital belongings and distributed ledger applied sciences carry nice potential for monetary providers. On the summit, Switzerland additionally insisted on a uniform worldwide method so as to stop double taxation within the digital financial system.

Do you assume the brand new Swiss president will positively affect Bern’s insurance policies towards cryptocurrencies? Share your expectations within the feedback part under. 

Photos courtesy of Shutterstock, Division of Finance of Switzerland.

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