Bitcoin Suisse Targets Swiss Banking License

Bitcoin Suisse, a cryptocurrency broker based in Switzerland, has taken first step to secure banking and securities dealer licenses from Switzerland’s finance regulator.

Bitcoin Suisse, member of the Crypto Valley Association of Switzerland, said it had lodged applications to the Supervisory Authority of the Swiss Financial Markets.

The motive was to adjust to a fast evolving legislative framework with regard to cryptocurrencies, also in Switzerland, recognized for its positive role in the cryptocurrency and blockchain sector.

The press release stated

“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.”

In preparing for the future permit, the firm also disclosed that it had placed 45 million Swiss euros ($45.7 million) with an unidentified domestic organization “as collateral for a standard bank guarantee, secure customer fiat deposits and pooled crypto resources.” That estimate would quickly exceed 55 million francs ($55.8 million), according to the company’s official statement.

Bitcoin Suisse is one among a series of firms in the cryptocurrency domain hoping to secure distinction as a banking institution, for example Crypto Valley’s own Bank Seba and Signum Blockchain Company. Another prominent Swiss company Dukascopy announced June that it would introduce and start screening Ethereum-based stablecoins linked to fiat currencies such as the euro and the franc.