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high quality replica handbags How Bitcoin Companies can Legally Operate in Switzerland

Switzerland is often thought of as a Bitcoin-friendly
Companies wanting to do business in Switzerland need an approval by the Swiss Financial Market Supervisory Authority (FINMA). So far, no Bitcoin company has been licensed by the Authority, but being licensed is not the only way to do business in the
Also read: Swiss Town Begins Accepting Bitcoin for Public Services

FINMA License Not Needed

Vinzenz Mathys, a FINMA spokesperson told
For the time being, no Bitcoin company holds a license of
FINMA has no specific provisions of digital
However, some Bitcoin-related activities are subject to Switzerland’s Anti-Money Laundering Act including buying and selling bitcoin on a commercial basis and operating trading
To be compliant, they have two
What is an SRO?

An SRO is an organization that has met certain criteria set out by
Currently, FINMA recognizes 12 SROs in total, Mathys confirmed to
Some Bitcoin companies are already members of the VQF SRO such as Bitcoin Suisse, BTC Express and
Most Recent Approval: Xapo

Recently, wallet provider Xapo has received a “conditional approval” by FINMA to operate in Switzerland after almost two years of much efforts and investment, according to founder and CEO Wences
FINMA reportedly took a long time to understand Xapo’s business model in order to decide whether it should be considered a bank or a financial
Xapo, being in the Canton of Zug, is likely Replica Bags to join the local VQF SRO like other Zug-based Bitcoin companies
In addition, Casares commended FINMA for having invested considerable amount of time and resources in the approval process, adding that “many regulatory bodies in similar situations would have rejected Xapo (and Bitcoin) entirely”. Therefore, he believes that:

FINMA has positioned
Switzerland as a hub for fintech innovation and ensured Switzerland’s primacy in gglobal financial services for decades to
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