Bitcoin Suisse is applying for a banking license in Switzerland

Bitcoin Suisse is applying for a banking license in Switzerland

Bitcoin Suisse is applying for a banking license in Switzerland

Bitcoin Suisse, a Swiss cryptocurrency broker, has applied for a license for becoming a banking and dealer center from a Swiss financial regulator, the company confirmed in a July 16 press release.

Bitcoin Suisse, which is part of the Valley Cryptocurrency Association of the country, said it had submitted requests to the Swiss Financial Markets Authority (FINMA).

The reason, it said, was to adapt to the rapidly changing regulatory landscape with respect to cryptocurrency currencies, even in Switzerland, which is known for its active position in the industry.

“These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services,” the press release reads.

In preparation for the license, the company also reported that it transferred 45 million Swiss francs ($ 45.7 million) to an unnamed local institution, “as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits.”

This figure will soon reach 55 million francs (55.8 million dollars), according to the press release.

By applying for the status of a bank, Bitcoin Suisse joins a number of other applicants from the cryptocurrency space, including the Bank Seba’s own cryptocurrency valley and Blockchain Signum, a startup.

Last month, the Swiss division of Dukascopy announced that it would launch and begin testing stable Ethereum coins pegged to currencies, including the euro and the franc.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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