The Swiss Financial Market Supervisory Authority (FINMA) recently issued banking and securities dealership licenses to two blockchain service providers, SEBA and Sygnum. The licenses were given because both organisations proved that they can reliably and safely make their products and services work well within the mainstream finance system without any disruption.
In providing these licenses, (FINMA) wants to highlight to the world how they:
- Actively ensure an enabling environment for innovative technology for finance,
- Encourage early adoption of Digital Ledger Technology (DLT),
- Update the financial regulations to capture the use and processing of digital assets,
- Maintain and expect high standards of practice to preserve the integrity of the Swiss financial system,
- Boldly provide a regulatory act as a guideline for categorising the types of tokens.
Such actions by FINMA puts the country in pole position amongst those trying to attract companies at the forefront of digital assets and DTL technology. The end goal is to become a leading modern financial centre for blockchain.
Source:
Licenses Awarded World's First Crypto Banks Is a Game Changer for Switzerland, SwissInfo
FINMA publishes ICO guidelines, FINMA
In first, Swiss regulator issues banking license to two blockchain firms, The Block
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