In late summer, the Swiss service for supervision of financial markets (FINMA) is temporarily licensed to conduct banking operations and securities companies Sygnum and EVAW. After financial organizations will fulfill the requirements of the legislation, they will be allowed on a permanent basis to lead their activities.
The head of the group Sygnum Switzerland Manuel Krieger commented on the decision of FINMA:
This is an unprecedented case when the controller gives albeit temporary, but a license to conduct financial transactions on a global scale. Thus Switzerland confirms that occupies a dominant and leadership position in kriptonyte. Naturally, we bear a special responsibility and is committed to promote and support financial institutions who want to make the first step on the cryptocurrency market.
He was supported by one of the founders Sygnum Mathias Imbach:
This step will have a positive impact on the economy of Switzerland, and on the technology of the blockchain as a whole. Virtual assets will become more transparent tool, but cryptomaterial must be conducted in accordance with the law. And it will radically change the rules of the game.
Cryptomeria Sygnum and SEBA was able to convince the Swiss regulator that able safely to implement cryptocurrencies into the mainstream financial system. Before that not a single company has managed to convince the FINMA. Scriptability Bank Sygnum even released their stablon secured Swiss franc.
The regulator on its part has made clear that it expects financial institutions compliance with all the standards in the prevention of the laundering of income obtained by illegal means.
Switzerland is the leader among the countries in the integration of cryptocurrency and blockchain technologies in traditional economies. Currently the government is in the process of updating the financial regulations aimed at integrating the technologies of the distributed registry. It is not surprising that mark Zuckerberg has decided to launch the payment service Libra in Geneva, and big companies such as the Swiss stock exchange and state telecommunications giant Swisscom is trying to move in step with the nation’s growing like mushrooms after rain FinTech companies.
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