The company has approached regulators for two licenses: banking and securities dealing, a press release confirmed.
Swiss crypto broker Bitcoin Suisse has applied for banking and securities dealer licenses from Switzerland-rsquo;s finance regulator, the company confirmed in a press release on July 16.-
Bitcoin Suisse, which forms part of the country-rsquo;s Crypto Valley Association, said it had submitted requests to the Swiss Financial Markets Supervision Authority (FINMA).
The reason, it said, was in order to adapt to a rapidly-changing regulatory landscape vis-a-vis cryptocurrencies, even in Switzerland, which is known for its proactive stance on the industry.
-ldquo;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,-rdquo; the press release stated.-
In preparation for the license going ahead, the company also revealed it had deposited 45 million Swiss francs ($45.7 million) with an unnamed local institution, -ldquo;as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits.-rdquo;
That figure would soon reach 55 million francs ($55.8 million), the press release added.-
In applying for bank status, Bitcoin Suisse joins a number of other hopefuls from the cryptocurrency space, these including Crypto Valley-rsquo;s own Bank Seba and blockchain startup Signum.-
Last month, fellow Swiss entity Dukascopy announced it would launch and begin testing- Ethereum-based stablecoins pegged to currencies including the franc and the euro.Full article