Switzerland introduces new guidelines for crypto companies
The Financial Market Supervisory Authority (FINMA) of Sweden recently released a new set of guidelines companies can follow in order to procure the new FinTech license. Cryptocurrency and blockchain companies are now eligible to apply.
The license gives companies the ability to accept public deposits up to 100 million in Swiss Francs (CHF), a perk previously reserved only for banks. According to FINMA, the new “relaxed requirements” were put in place to promote innovation in the financial technology sector.
Switzerland is known to have a progressive view on cryptocurrencies, and has a history of bolstering the growing market. Additionally, this small European country is home to hundreds of startups that are able to profit through the country’s lax and innovative policies.
These new guidelines come at a time when cryptocurrency markets are in peril. Now that Fintech licensure is more accessible, it’s more than likely that Switzerland-based companies will seek approval.