According to a press release, Bitcoin Suisse AG has submitted an application with the Swiss Financial Markets Supervision Authority (FINMA) to receive a Swiss banking license. This, in accordance with the Swiss Banking Act Art. 1a would authorize the crypto financial services firm to allow Bitcoin Suisse to offer regulated services and products. Bitcoin Suisse is part of the Crypto Valley Association.
As the regulatory landscape of cryptocurrencies rapidly changes, it is clear that the firm wanted to make a bold move that would enable it to increase its services and its position within the cryptocurrency world.
“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,” a press release from the company explained.
In anticipation of receiving the license, the company has already made some important moves. This includes revealing that they had deposited CHF45 million ($45 million) in an unnamed location. This acts “as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits.” It is expected that that number will increase to CHF55 million ($56 million), the amount needed to further secure the license.
The move is the completion of co-CEO Niklas Nikolajsen’s vision. He explained to a publication last year that he was already deliberating applying for a formal license, recognizing that this was a move that made sense for the crypto firm. Especially considering that large amounts of crypto coin and tokens are already traded within Switzerland by securities dealers every day, the move was a no-brainer.
Nikolajsen, along with fellow co-CEO Arthur Vayloyan, has been looking to compete with banks, which have been more open to digital assets of late.
This move helps to add another feather in the cap of Bitcoin Suisse who has reached a number of milestones recently. This includes reporting revenues of CHF44m with total equity of CHF50m. They have also added new products, offering 125 different tradable crypto-assets with a total of more than 6,000 trading pairs. Plus, the Swiss Crypto Vault AG, a part of Bitcoin Suisse Group, has rapidly become one of the largest and safest B2B technology providers for hyper-secure storage of crypto assets.
No further information was provided as to how long the license application process is expected to take, nor was it reported when Bitcoin Suisse expected to be able to operate with the new approval.
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