A Switzerland based crypto-broker and pioneer of Switzerland’s “Crypto Valley, ” Bitcoin Suisse has begin steps to regulate its operation.
The firm recently announced that it has filed for a banking license with Swiss Financial Markets Supervision Authority (FINMA). The firm went further to seek for security dealer’s license. One which has been mandated by the Stock Exchange and Securities Trading Act (SESTA).
Speaking further on this development, a Suisse company representative said:
“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.”
According to the company, the licence will enable the firm to offer more licenced products and services. With “more and more crypto assets and services fall under securities and banking law” this seems like the perfect thing to do.
Right now, the company has not shown interest in any particular class of asset as the motivation for getting licenced.
However, a spokesperson for the firm said:
“A securities dealer license would enable us to trade crypto tokens that have been classified as securities by the financial regulator. This would include our own stable coin, the Swiss Crypto Franc.”
Speaking further on how easy and crypto-friendly regulations in Switzerland is, the spokesperson continued that:
“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,”
Reportedly, Suisse’s net income this past year reached CHF25 million, from revenues of CHF44 million. It has also added 90 experts to its staff and expanded offices to Zug, Copenhagen and Vaduz.
A Swiss Franc Pegged Stablecoin is on its Way
Meanwhile, in May of this year, the Swiss national stock exchange group—SIX, announced that it was developing a stablecoin which is pegged to the Swiss franc. This stablecoin is expected to help with tokenizing assets on the SIX Digital Exchange.