Ueli Maurer has been appointed as the President of the Swiss Confederation, and this is considered good news for the country’s cryptocurrency sector.
Liberal Maurer expected to contribute to crypto growth
Maurer has established as a popular figure within the domestic financial sector after serving as Switzerland’s Finance Minister for the past three years. He is considered to hold liberal views regarding national fintech regulations, a fact that could help spur the growth of Switzerland’s crypto industry.
Decisive vote could count for crypto
Ulrich ‘Ueli’ Maurer is a member of the Swiss Federal Council, the executive body that serves as Switzerland’s collective head of government. The presidency is rotated among the Council’s seven members on an annual basis. While the position is considered to serve a largely ceremonial or symbolic purpose, the president holds the right to cast the deciding ballot in the event of a tied Council vote.
Maurer’s tenure as president for the next 12 months is considered to be a positive development by those operating within Switzerland’s crypto industry. Over the past few years, Maurer has been credited for rolling out policies that have had a positive effect on the domestic financial sector. He has not only demonstrated that he is capable of understanding and adapting to the changes that are taking place in the financial industry, but has made digitalization one of his top priorities. This may make it easier for him to adopt liberal regulations for the cryptocurrency and blockchain realm.
Switzerland one of the leading crypto countries
Over the past few years, Switzerland has become one of the most crypto-friendly jurisdictions both within Europe and across the globe. In a December 2018 report, the Swiss government revealed that it has formulated a comprehensive new strategy that recognizes distributed ledger technologies as an important development for the financial sector. They further added that they intend to build a legal foundation that would ease the implementation of such technology.
The newly released document advocated for the amendment of current legislation in order to secure the country’s status as a leading cryptocurrency nation. The resulting strategy will see the government focus on the integration of decentralized digital currencies into Switzerland’s economic and financial space.
Despite the challenges that cryptocurrency companies continue to face within Switzerland, it remains one of the most attractive destinations for companies in this sector.
Digital assets have a huge potential
Last year’s clash between traditional banks and cryptocurrency companies inspired Ueli Maurer and other politicians to start forging a path forward. In May, Maurer invited representatives from the Swiss Financial Markets Supervisory Authority (FINMA), the Swiss National Bank, and the Swiss Bankers Association (SBA) to a roundtable discussion in order to address the issue.
After the meeting, the SBA put together a working group to tackle the problem and ensure the continued growth of the crypto sector. The working group was charged with putting together a set of procedures to guide banks through the process of opening accounts for crypto-related companies. This has led some traditional banks to once again start dealing with crypto companies.
Maurer has also been actively advocating for the adoption of cryptocurrencies on the international stage. During the recent G20 meeting of finance ministers in Buenos Aires, Maurer stated that Switzerland holds a positive view of digital assets and distributed ledger technologies, as they represent huge potential for financial services. Switzerland also suggested a uniform international approach to help prevent double taxation in the digital sector.