Switzerland is certainly on its way to Bitcoin adoption. As Swiss regulator FINMA Issues First Bitcoin Company License, we look into the details of the announcement.
20 October, AtoZForex – Mark today in your calendar – this is the day when Switzerland financial regulator has granted the first full regulatory compliance license to the Bitcoin company. The breakthrough in Swiss cryptocurrency market has been achieved by the payment gateway Payment21’s owner – Moving Media.
Payment21 is a unique Bitcoin cashier system that enables e-commerce merchants, financial intermediaries and corporations to collect and exchange services. Moreover, the firm operates an exchange office that allows Payment21 to broker Bitcoin by exchanging virtual money into legal tender.
Swiss Regulator FINMA Issues First Bitcoin Company License
The owner of the Payment21 brand has been registered as Directly Subordinated Financial Intermediary (DSFI) under the Swiss law. The Swiss Financial Market Supervisory Authority (FINMA) is responsible for licensing financial market players in Switzerland. It has agreed to supervise the Moving Media GmbH as a compliant partner in the Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) regulations.
The firm has been formerly known as a member of Geneva’s ARIF, the Association Romande des Intermédiaires Financiers. The latter is a self-regulatory organization (SRO) under Swiss private law.
The Managing Director of Moving Media, Bernhard Kaufmann, has commented:
“We are committed to meeting the legal requirements of the Swiss financial marketplace. Our handling of compliance issues enriches the digital currency ecosystem, and demonstrates that Swiss regulators embrace competitiveness in financial services, and truly encourage Fintech innovation in the digital era.”
Switzerland is on its way to cryptocurrency adoption
In fact, the company had to struggle a lot in order to get this recognition. Moving Media refers to the whole process as to “over one year of substantial effort and investment.”
Mr. Kauffman appeared optimistic in regards to the overall Swiss crypto environment. He has added:
“Government licensing is crucial when establishing a payments business. Official approval in a leading European financial center like Switzerland is a key differentiator in the competitive landscape.”
Following on this, two of Swiss banks are already have been expressing interest in Bitcoin and Ethereum earlier this July. The regulatory sentiment change has proposed extra options for Swiss citizens to interact with cryptocurrency directly.
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