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License for cryptocurrency companies in Switzerland

03 Jan
License for cryptocurrency companies in Switzerland

License for cryptocurrency companies in Switzerland

Switzerland is a leader in financial arrangements and operations. In connection with the dynamic development of cryptocurrencies and blockchain, the country’s government is actively reforming the legislation. The reform resulted in the assignment of legal status to non-fiat currencies in 2014.

Switzerland recognized cryptocurrencies as a digital expression of value. You can buy and sell cryptocurrencies through online channels. This event was described in the report of the Federal Council of the country. Thus, cryptocurrencies were recognized as assets at the official level.

This event marked the beginning of online money licensing. The first license was issued in 2017. The exchanger has gained the status of a DSFI intermediary. This status gave him the right to serve qualified investors.

For cryptocurrency exchangers and ICOs, it became possible to pool funds. There was also an increase in the functional responsibilities of the FINMA regulator.

From now on, he is controlled by the activities of organizations whose activities are associated with non-fiat means. The FINMA regulator takes preventive measures against possible risks and fraud.

Management of the Swiss financial market legalizes the crypto business. The Office has made appropriate amendments to the Banking Regulation. In 2018, state regulation of the sphere of online currencies has moved to a new level.

The Secretary of State for International Finance has established a working group for direct cooperation with FINMA. From this point on, firms that use blockchain and exchange technologies to a limited extent are exempted from official checks.

Exchanges without a license to conduct operations with cryptocurrency are subject to generally accepted regulations.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.

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