The Swiss Financial Market Supervisory Authority has released guidelines for their new "FinTech" license, according to a FINMA official press release released Dec. 3.The Swiss financial regulator revealed that license pursuants, which can be blockchain-related and crypto-related firms, will be able to apply for the fintech license with the state authority starting from 2019.The license, which FINMA notes has "Relaxed requirements" under the country's banking ordinance, allows fintech companies to accept public deposits of up to 100 million Swiss francs, or around $100 million.
Within the terms of the license, companies are neither allowed to invest the public deposits nor pay interest on them.
In order to receive the license, an applicant must provide a number of details about their fintech project, including a business description, business financial plan, assets storage method, risk management, anti-money laundering policies, and others.
The license document, entitled "Guidelines for FinTech licence applications pursuant to Article 1b of the Banking Act," has been in development since February this year, and is planned to be adopted on Jan. 1.Earlier in November, FINMA issued Switzerland's first crypto license, which targeted crypto asset investment funds.
The license allows crypto-related firms to legally provide a number of collective investment services, as well as tracking Bitcoin and other crypto assets, including domestic funds.
The financial watchdog has previously released guidelines for the regulation of Initial Coin Offerings, considering those guidelines as a way of helping blockchain technology.
Swiss Fintech License Allows Blockchain, Crypto Firms to Accept $100 Mln in Public Funds
gepubliceerd op Dec 3, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.