The Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s financial regulator, is to offer a new fintech licence which is suitable for blockchain firms.
The licence is a modification of banking laws (Article 1b of the Banking Act) which will allow licencees to accept up to 100 million Swiss francs ($100.089 million) from the public as long as they do not invest the money, or pay interest on it. The new licence has been in development since February and will become active on the 1st of January.
Demands
In order to receive a licence, applicants must provide FINMA with information including:
All members of the governing body of the project must also be accounted for. This means identity, address, CV, criminal record and current legal proceedings, and all business interests. If an individual is a foreign national, they must provide equivalent documentation from their country of origin.
Companies must also fulfil minimum capital requirements, agree to a financial audit, and declare if it intends to apply for additional licences in the future.
There are other authorisations available to blockchain firms in Switzerland, which is where the is located. For example, the country’s s offers a, and FINMA has already approved a, which will be traded on the country’s national stock exchange.
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