Crypto

Tens of billions of digital assets in 2021 in Switzerland

Federal Councilor Ueli Maurer believes Switzerland is in a strong position with its new blockchain rules on financial matters.

Photo: KEYSTONE/LAURENT GILLERON

According to a report presented on the sidelines of the WEF, the volume of digital asset transactions reached tens of billions of francs in 2021 in Switzerland. A blockchain initiative was launched in Davos (GR) on Tuesday, which will be defended by federal councilor Uli Maurer.

This first study of the digital asset market in Switzerland covers more than half of the companies in the sector that took part in the survey. These 47 enterprises had more than 13 billion francs under direct management at the end of last year. In total, their trading volume reached about $41.2 billion.

These companies employed more than 1,200 full-time people in direct asset management. More than 3,900 people worked indirectly or on mandates related to this activity.

On the sidelines of the World Economic Forum (WEF), a new Home of Blockchain.swiss initiative was launched to protect the sector on the international stage. Blockchain, a decentralized data storage system, is used, in particular, as a technical tool for cryptocurrencies.

Maurer’s message

One of the aims of the new initiative is to try to attract foreign companies to settle in Switzerland, one of the officials explained. In a broader sense, this organization will have to work to bring together traditional financial and digital players in one institutional structure, adds Alexander Brunner, president of Home of Blockchain.swiss.

According to Mr. Maurer, there should be a “team” approach between the authorities and the private sector. He was delighted that Switzerland had adopted one of the world’s first rules on this matter. And it works, he says.

Competition in the coming years will be fierce, but it will move the entire industry forward in the world, adds the head of the Federal Department of Finance (FDF). According to him, blockchain is an “important tool” for adapting finance to modern society.

/ATS

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