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6 June 2023
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New Crypto Asset Advocate Starts Term as the President of the Swiss Confederation

Ueli Maurer has now started his term as the President of the Swiss Confederation; this is after three years of being a finance minister in a nation that has been considered to be an economically influential nation. With his track record, his election has been considered by many to be a positive development for the Alpine nation especially in their plans of expanding the crypto industry.

The Symbolic Role That Has A Decisive Vote

Ueli Maurer is among the seven members who were part of the Swiss Federal Council. A body that Was developed to hold the executive power of the country, one that is headed by a rotating presidency that is shared among the current councilors. The position is symbolic and ceremonial, but the seating president usually has one very important role, which is his vote, as it is able to tip the scales when the current council is divided when making an important decision.

Maurer was elected on December 5th for a one-year term for the year 2019; he had a very impressive support of about 201 members out of the 209.

More On Maurer

He is a 68-year-old man trained in accounting and has been recognized for the policies put in place when he was the head of an important office, which is the Federal Department of Finance, where he was responsible with controlling the public budget together with the Swiss info reports.

He has also demonstrated his capabilities of understanding the changes that are taking place within the financial sector, together with the need to properly adopt the needed regulations for an industry that has been built around the blockchain technology and crypto coin. One of his top priorities as president is the digitization of the market.

Switzerland has slowly become the friendliest in terms of the crypto jurisdictions in Europe together with the global stage in the past few years.

In December the Swiss government went ahead to announce the comprehensive strategy they are getting into, which will recognize the distributed ledger technologies as being an important feature in the development of the financial sector, and from this, they are aiming to build a proper legal foundation that will aid in proper implementation.

The Digital Assets Are Bringing Several Potentials In The Financial Services Offered

Ueli Maurer is among the few politicians who were able to see the threat to Switzerland’s leadership within the growing crypto space. In May he was able to invite some of the representatives of the Swiss financial regulator Finma, Swiss Bankers Association (SBA), and the Swiss National Bank to a roundtable discussion on the crypto market.

After the meeting, the SBA went ahead to put together a qualified working group who would be able to solve the problem at hand. The group was tasked in creating procedures that banks will be able to follow when they are opening accounts for the entities that are transacting in the crypto coin. Since this move, they have seen several Swiss banks accepting clients who are within the crypto sector.

But this is not all as the president has also been very active in the international scene. In the G20 finance minister meeting that was in Buenos Aires in July, he was able to share his country’s position when it comes to the crypto market. Maurer went ahead to emphasize that the distributed ledger and the digital assets technologies will be able to bring great potential to the financial services being offered.

Additionally, during the summit Switzerland also insisted on having a uniform approach that iis used internationally, just to ensure they avoid double taxation taking place in the digital economy.

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