Swiss Financial Regulator Issue Licenses To Two Crypto Focused Firms
Two crypto centered banks have received banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA).
The two Switzerland based crypto firms which have received afore mentioned licenses are Seba Crypto AG and Sygnum.
Following the receipt of license, Seba anticipates to introduce its trading platform in early October 2019.
Seba’s intention is to establish a digital asset platform for firms, professional traders and institutional customers, and also offer custodian and asset management facility.
Sygnum stated that the regulatory approval will enable the firm to launch its crypto products, including an integrated custodian and liquidity platform, in the market for top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Swiss Franc in digital token form.
Notably, FINMA has recently published guidelines on regulatory criteria to be met for remittances using blockchain-based systems. The guidance was issued for service providers who are associated with blockchain technology. That includes cryptocurrency exchanges, trading platforms and wallet providers.
FINMA stressed that firms operating in the blockchain sector will not be avail any relaxation on AMY (Anti-Money Laundering) and KYC (Know Your Customer) rules.