Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses

Meet Bitcoin Suisse – the pioneer of Switzerland’s “Crypto Valley” and a company that went viral in the latest cryptocurrency news for a new initiative. As the news show, the Swiss crypto broker has apparently taken anticipatory steps to comply with a “maturing” regulatory environment.

As the firm announced on Tuesday, it has applied for a banking license with the Swiss Financial Markets Supervision Authority (FINMA) as well as the security dealer’s license, mandated by the Stock Exchange and Securities Trading Act (SESTA). In the past, the financial authorities at the Swiss Federal Council noted that blockchain and distributed ledger  technologies (DLT) will be governed by the existing regulatory schemes.

However, a representative from the Swiss crypto broker noted:

“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”

The announcement is hot in the altcoin news – where the company said that the preemptive licenses will expand the number of regulated services and products it can offer – as “more and more crypto assets and services fall under securities and banking law.”

Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc.

In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland.

This is not to say that Swiss regulations are overly burdensome.

“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.