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The "crypto-nation" continues to support the development of FinTech companies by establishing "relaxed" licensing requirements.
The Federal Financial Supervisory Authority (FINMA), the country's financial regulatory authority, announced yesterday, December 3, a series of new "relaxed" requirements for companies based on blockchain and cryptocurrency that require a FinTech license. The regulator is moving forward with the goal of fostering innovation in the FinTech sector and removing market entry barriers for FinTech companies.
From 1 January 2019, FINMA, which is responsible for the FinTech license, will oversee businesses subject to relaxed requirements. An official statement explained: "After receiving license applications, FINMA assesses whether the planned commercial activities require a license and whether planned business activities are possible under the terms of the FinTech license."
FINMA will inform the applicant that the FINMA member is responsible for the procedure and whether further information or documents need to be presented. To receive a FinTech license, a company must meet two specific conditions: first, the company must be "limited by shares, a company with unlimited partners or a liability company", and second, the company " he must have his office registration and carry out his business activities in Switzerland. "
The official declaration also includes a series of official guidelines to facilitate the application process for licensees, specifying what information should be provided to FINMA. This includes the reasons for which the license is required, a description of the proposed business activity and a business plan with a "budget (balance) sheet, income statement) for the next three financial years with optimistic, realistic and pessimistic scenarios. "
The FinTech license allows institutions to accept public deposits of up to 100 million Swiss francs, approximately 100 million dollars. The terms of the license, however, establish that companies are not authorized to invest public deposits or pay interest on them. This was part of an amendment to the Swiss banking law, which was proposed in December 2016 and approved for January 1, 2019.
In January 2018, Johann Schneider-Ammann, Minister of Economy of Switzerland, stated that the country should strive to become the "crypto-nation" of Europe and saw cryptocurrency as including "part of the fourth industrial revolution". Renewed requirements are another element of the FINMA list of efforts to pave the way for standardized practices and regulations for Swiss companies of blockchain and cryptocurrency.
Nicholas Ruggieri studied English with emphasis on creative writing at the University of Nevada, Reno. When he is not mentioning Vines to anyone who is willing to listen, you will find him listening to too many podcasts, reading too many books and crochet too many sweaters for his dogs, RT and Peterman.
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