Switzerland granted licenses to first cryptocurrency banks
Institutions may issue, store, market and manage digital assets such as bitcoin and ethereum
The Swiss Financial Market Supervisory Authority (FINMA) handed out the provisional bank licenses and those of the securities brokers to the companies SEBA and Sygnum. This fact will allow them to become the first “cryptocurrency banks” in the world.
SEBA and Sygnum will be able to issue, store, market and manage digital assets such as bitcoin and ethereum, convert fiat money such as Swiss francs, Singaporean and US dollars, as well as euros in cryptocurrencies.
However, to start exercising these functions, companies will have to meet certain secondary criteria required by FINMA. Details about these criteria are unknown.
“Many people who own a lot of cryptocurrencies and are looking for a fully regulated bank have approached us in the past months. One of his biggest challenges is finding banking specialists that connect them to the real world, and help pay taxes and salaries,” said Sygnum co-founder Mathias Imbach, explaining the reason that led him to establish a “cryptocurrency bank.”
Crypto assets such as bitcoin have been banned in several countries as they are potential instruments that help commit crimes related to money laundering. Therefore, FINMA published on its website a new guide with requirements regarding the fight against money laundering for companies specialized in blockchain.
Source: El Sumario
