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The Swiss Financial Market Supervisory Authority (FINMA) has introduced a new fintech license with "relaxed" requirements applicable to companies based on blockchain and cryptocurrency.
The regulator announced On Monday, the new license allows "innovative financial companies" to accept public deposits of up to 100 million Swiss francs (or slightly more than 100 million dollars), provided that the funds are not invested and their interests are not paid. The move is the result of a late November amendment to the country's banking law by the Federal Council to promote fintech innovation.
From 1 January 2019, blockchain companies wishing to obtain a license under the scheme must meet certain conditions. First, the entity must be a limited liability company, a company with unlimited members or a limited liability company. Secondly, it must also have its registered office and conduct its business in Switzerland, the regulator has explained.
FINMA has also issued guidelines aimed at facilitating the application process for potential licensees, listing a long list of details to be provided in advance. These include the reasons for requesting the license, a description of the proposed business activity, a business plan that includes the budget for the next three financial years with "optimistic, realistic and pessimistic scenarios", among others.
Back in October, FINMA released a license for a cryptocurrency investment fund from Crypto Finance AG in Zug, founded by former UBS banker Jan Brzezek. This license has been issued under the Collective Investment Law of the country.
Swiss flag image via Shutterstock
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