Banksbitcoin regulationCointelegraph.comCryptocurrenciesCryptocurrency ExchangelawSwitzerland

Swiss regulators reject Bitcoin Suisse’s banking license application

But Bitcoin Suisse still has “many options on the table,” says the firm’s CEO.
Switzerland’s Financial Market Supervisory Authority — the country’s principal financial regulator — has denied Bitcoin Suisse’s application for a banking license. According to an official announcement on March 17, Bitcoin Suisse’s current application is ineligible for approval on the grounds that “various elements that are relevant under licensing law make it unlikely that a license will be granted.”The regulator said that it has withdrawn Bitcoin Suisse’s application for a banking license and terminated the licensing procedure.Speaking to Cointelegraph, Bitcoin Suisse CEO Arthur Vayloyan remained optimistic, stating that the firm still has “so many options on the table.” He explained that the firm’s reputation for cryptocurrency storage and trading has put it in an ideal position as institutional adoption of digital assets grows exponentially. Vayloyan explained that since the firm had initially applied for the license in July 2019, the landscape of crypto markets and the firm’s position therein has shifted significantly and that Bitcoin Suisse could apply again, should it want. Indeed, a banking license could be advantageous as security tokens gain traction.As Vayloyan explained, in February 2018, FINMA released guidelines for initial coin offerings, under which tokens were divided into three categories: payment, utility and asset, with the latter considered a security. Today, when a firm receives a banking license in Switzerland, it also automatically receives a broker-dealer license. Consequently, a firm with a banking license would be able to engage in the purchase and sale of …
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