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The Swiss Financial Market Supervisory Authority (FINMA) has published guidelines for their new "FinTech" license, according to an official FINMA press release published on December 3
The Swiss financial supervisor has revealed that license trackers, which may be companies linked to the blockchain and linked to cryptography, will be able to apply for the fintech license to the state authority as of 2019.
The license, which FINMA notes has "relaxed requirements" according to the country's bank order, allows the fintech companies to accept public deposits of up to 100 million Swiss francs (CHF), or approximately $ 100 million. Within the terms of the license, companies are not authorized to invest public deposits or pay interest on them.
To receive the license, the applicant must provide a series of details about their fintech project, including a description of the business, a corporate financial plan, a method of conserving resources, a risk management, anti-money laundering policies (AML). and more.
The license document, entitled "Guidelines for FinTech license applications under Article 1b of the Banking Act", has been in development since February of this year and is expected to be adopted on January 1st.
In early November, FINMA issued the first encrypted license in Switzerland, which targeted investment funds in assets. The license allows encrypted companies to legally provide a number of collective investment services, as well as tracing Bitcoin (BTC) and other cryptographic activities, including national funds.
The financial controller has previously published the guidelines for the regulation of Initial Coin Offerings (ICO), considering these guidelines as a way to help blockchain technology.
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