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Swiss FINMA has recently introduced new guidelines for companies, including blockchain and cryptocurrency companies interested in the new FinTech license.
Details of the guidelines
The financial regulatory body of Switzerland, the Financial Market Supervisory Authority (FINMA), recently published a series of guidelines for the acquisition of the new FinTech license. Companies based on cryptocurrency and blockchain are among the companies that can apply for the new license.
According to FINMA, the license is provided with "relaxed requirements" and allows companies to accept public deposits of up to CHF 100 million. The move by the regulatory body comes after an amendment to the November bank law.
The Swiss financial regulatory body, however, has provided specific conditions to the companies involved in the new license. FINMA said:
The FinTech license allows institutions to accept public deposits of up to 100 million francs, provided they are not invested and their interests are not paid. An additional requirement is that an institution with a FinTech license must have its registered office and conduct its business in Switzerland.
Beginning January 1, 2019, the blockchain and virtual currency companies would meet the specific criteria for qualifying for the new license. FINMA has stated that candidates must submit their applications in one of the official languages of Switzerland. Part of the requirements includes the reasons for the application, the description of the proposed organization and the target audience.
FINMA also requires full responsibility of the members of the board of directors of the company, including names, date of birth, nationality and curriculum vitae. Others include six-month Swiss criminal records and an extract from the debt settlement register.
Swiss FINMA and the cryptocurrency industry
Switzerland hosts hundreds of cryptocurrency startups. The various policies of the country show its strong support for the growing market, while consolidating its position as the main virtual currency hub in the world.
The financial regulatory body of Switzerland, FINMA, has granted a license to the company based in Zug, Crypto Fund AG, a subsidiary of Crypto Finance. The asset management license allows the company to offer a variety of collective investment products that monitor cryptocurrencies. The company received a distribution license in June.
In addition, a Swiss-based blockchain startup, Smart Valor, has received a license from FINMA to launch an online investment platform. The company has also expressed the desire to expand its services by mid-2019, requiring a bank license.
SEBA, a virtual currency startup formed by former Swiss bankers, raised $ 100 million from local and foreign institutional investors to finance its regulated cryptocurrency bank. The launch, however, has required FINMA to provide a securities retailer and a bank license to establish a licensed virtual banking solution.
Image reproduced courtesy of Shutterstock.
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