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Swiss contribution to the development of cryptocurrency trading

12/04/2018
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  • FINMA_cryptocurrency
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News from Switzerland suggests that the country wants to regain its leadership in the financial sector. Now they have bet on cryptocurrency, the country is making a lot of effort to legalize this industry. Thus, FINMA has recognized a new type of license for financial and technological companies.

Important news from FINMA

The regulator weakens the requirements for companies operating in the blockchain and cryptocurrencies. Especially for them, the Office of Financial Market Operations Supervision has developed a new type of license. It significantly softens the requirements for such organizations, and permits to attract investors' funds on the following conditions:

  • total volume does not exceed 100 million francs;
  • money can not be spent on interest payments;
  • these funds are prohibited to reinvest.

At the same time, FINMA has serious requirements for disclosing information about business owners. They will need a huge set of documents, flesh to reviews from the previous place of work. With such an individual approach, the regulator seeks to ensure the interests of investors and protect their capital from illegal encroachments.

This is not the first time that the Supervision Authority takes measures to introduce cryptocurrency trade into the legal field. In the summer, the country's largest stock exchange, SIX, opened a platform for cryptocurrency trading. While SIX Digital Exchange works well and makes a profit for its owners. And in November, it was in Switzerland that they started to trade Bitcoin-ETF contracts.

It also received the first license to create a cryptocurrency fund. In the fall of 2018, the Crypto Fund began its capital management work by investing in digital financial assets.

Apparently, Switzerland is now becoming the leader in the development of the financial sector in the field of cryptocurrency. Other European countries also tend to keep up with it, but they take a different path. Thus, the e-krona test procedure has already begun in Sweden. This asset may be the world's first national cryptocurrency.

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