The Swiss regulator issued banking licenses to blockchain companies for the first time

The Swiss regulator issued banking licenses to blockchain companies for the first time

The Swiss financial market Supervisory authority (FINMA) has issued banking and securities trading licenses to two blockchain companies-SEBA Crypto and Sygnum.

The regulator said it is the first time it has issued such licenses to companies that specialize exclusively in blockchain. The licenses will allow SEBA Crypto and Sygnum to provide services to institutional and professional clients.

FINMA today also released
the manual, which says that existing laws to combat money-laundering (AML) apply to payments made through the blockchain, because “inherent in the technology of anonymity is increased risk”.

“Institutions supervised by FINMA are allowed to send cryptocurrency or other tokens only the purses owned by their own customers, whose identity is already verified and they are allowed to only cryptocurrencies or tokens from such customers,” – notes the regulator.

The guidelines also state “that institutions under FINMA supervision are not allowed to receive tokens from clients of other institutions or send tokens to such clients”.

Switzerland has one of the friendliest regulatory regimes when it comes to cryptocurrency and blockchain companies. Recently, the cryptocurrency investment app Aximetria received a
VQF license, which is recognized by the Swiss financial market Supervisory authority. In addition, in July, Bitcoin Suisse
applied for a banking license with FINMA.

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