After portion as financial apportion of one of the most economically influential nations over the past 3 years, Ueli Maurer is now starting his tenure as President of the Swiss Confederation. Given his lane record and magnanimous views per fintech regulation, Maurer’s choosing is deliberate a certain growth for the alpine nation’s expanding crypto industry.
Symbolic Role With Decisive Vote
Ulrich ‘Ueli’ Maurer is one of 7 members of the Swiss Federal Council. The physique that binds the executive energy in the republic is headed by a rotating presidency common among the councillors. The position is mostly rite and symbolic, but the boss has one critical purpose – his opinion can tip the beam when the legislature is divided on critical decisions. On Dec. 5, Maurer was inaugurated by the Swiss council for a one-year tenure in 2019 with the considerable support of 201 out of 209 members.
The 68-year-old lerned accountant has been credited for his policies as conduct of the Federal Department of Finance determining the open budget, Swissinfo reports. Maurer has also demonstrated capability to know the changes that are holding place in the financial zone and the need to adopt magnanimous regulations for the attention built around blockchain technologies and cryptocurrencies. Digitalization is among the president’s tip priorities as well.
Over the past few years, Switzerland has gradually turn one of the most crypto-friendly jurisdictions in Europe and on the tellurian stage. Last month, the Swiss supervision announced a extensive plan noticing distributed bill technologies as an critical growth for the financial zone and aiming to build a authorised substructure for their implementation.
The request calls for the adoption of amendments to the stream laws that would urge Switzerland’s standing as a crypto-friendly nation. Among other proposals, the plan focuses on the formation of decentralized digital currencies into the country’s mercantile and financial infrastructure. That’s an importance that hundreds of crypto startups shaped in the Swiss Crypto Valley in Zug should definitely appreciate.
The hostility of normal financial institutions to yield unchanging banking services to these businesses has been a vital jump for their development. Last year, internal officials in the canton of Zug and member of the sovereign supervision voiced concerns that if the emanate is not sorted out, many of these companies might immigrate to jurisdictions charity more auspicious conditions. Their number in Europe is flourishing and already includes Malta, Gibraltar, and Estonia.
Digital Assets Bring Potential for Financial Services
Ueli Maurer is among those politicians who saw the hazard to Switzerland’s care in the crypto space. In May, he invited member of the Swiss financial regulator Finma, the Swiss National Bank, and the Swiss Bankers Association (SBA) to a roundtable contention on the matter.
Following the meeting, SBA shaped a operative organisation to solve the problem. It was tasked to emanate a set of procedures for banks to follow when opening accounts for entities transacting with cryptocurrencies. Some Swiss banks have since then started to accept clients from the crypto sector.
The new boss has been active on the general stage as well. During the G20 financial ministers’ assembly in Buenos Aires last July, Maurer common his country’s position on cryptocurrencies, emphasizing that digital resources and distributed bill technologies move good intensity for financial services. At the summit, Switzerland also insisted on a uniform general proceed in sequence to forestall double taxation in the digital economy.
Do you think the new Swiss boss will definitely change Bern’s policies toward cryptocurrencies? Share your expectations in the comments territory below.
Images pleasantness of Shutterstock, Department of Finance of Switzerland.
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