License for cryptocurrency companies in Switzerland. Switzerland is considered to be the world leader in financial transactions.
The country’s leadership pays attention to reforming legislation, based on the situation with the development of the cryptocurrency business and blockchain. In 2014, non-fiat currencies were granted legal status.
Cryptocurrencies have been recognized as a digital expression of value, such a monetary value can be bought and sold through Internet channels. This event was recorded in the report of the Federal Council of the country. So, cryptocurrencies were officially recognized as assets.
This was the basis for licensing the online money industry. The first license was issued in 2017. The exchanger received the status of an intermediary DSFI, which gave it the right to serve qualified investors.
Crypto exchangers and ICOs now have the opportunity to pool funds. The functional responsibilities of the FINMA regulator have also expanded.
It monitors the activities of organizations whose work is related to non-fiat funds, warns of possible risks, prevents the emergence of unauthorized business models, and fights against fraud.
The legalization of the crypto business is carried out by the Financial Market Supervisory Authority. Corresponding amendments were also made to the Banking Regulations. In 2018, government regulation in the field of online currencies moved to a new level.
The State Secretariat for International Finance has created a working group for direct cooperation with FINMA. Under the new rules, firms that use blockchain and exchange technologies to a limited extent will not be verified by official bodies.
Exchanges that are not licensed to conduct cryptocurrency transactions must comply with generally accepted regulations.
Companies whose activity consists in conducting ICO operations, in trading cryptocurrency in any form, must work in accordance with the established rules:
Our specialists will provide support in the legalization of crypto business in accordance with Swiss law.
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