Swiss Regulator Issues Banking Licenses to Two Blockchain FirmsBy Aug 27, 2019 1 Min Read
The Financial Market Supervisory Authority (FINMA) in Switzerland has issued banking and securities dealers’ licenses to two new blockchain companies.
The news was announced by the FINMA and described the companies involved being “pure-play blockchain service providers.” The licenses will allow the two companies to offer services for institutional and professional customers.
The two crypto-based banking firms, Seba Crypto AG and Sygnum announced in separate statements that they had received banking and securities dealer licenses. Seba declared that obtaining the license has been a “milestone for the entire digital asset market ecosystem.”
Sygnum also stated, “being awarded the banking and securities dealer license from FINMA is a significant milestone, and an important step towards the institutionalization of the digital asset economy.”
The FINMA also released guidance on anti-money laundering (AML) requirements for blockchain-based companies regarding payments on the blockchain. Blockchain transactions will need to follow the requirements as well, as the FINMA considers AML to be “technology-neutral.”
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Sarah Tran 📧