Bitcoin Suisse, one of the popular Crypto Banker in Switzerland "Crypto Valley" has taken early steps to meet with a "maturing" regulatory environment.
The firm declared on Tuesday that it has applied for the banking license with the Swiss Financial Markets Supervision Authority (FINMA), and the security dealer's license, charged by the Stock Exchange and Securities Trading Act (SESTA). Earlier, Financial Authorities at the Swiss Federal Council stated existing regulatory schemes will operate blockchain and distributed ledger technology.
One of the Suisse company representatives stated:
"We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products, and solutions."
These licenses would enable Bitcoin Suisse to extend its offering with regulatory services as well as products, thus improving its position as a key provider of crypto financial services. Bitcoin Suisse is day by day implementing new changes in its platform, where various crypto assets and services fall under the banking law.
Bitcoin Suisse has teamed up with two other crypto firms, SEBA, and Sygnum in bidding for getting banking license from FINMA. All three firms are emphasizing on the crypto-asset market, even though the approval they are seeking is almost similar to any banking or securities dealer license.
David Riegelnig, who is the head of risk management and working towards the license application, stated that the application was made so that the company can adapt to the constantly changing regulatory landscape in Switzerland and improve company's market. He said:
"A securities dealer license would enable us to trade crypto tokens that have been classified as securities by the financial regulator. This would include our own crypto franc product. And we anticipate more securitized digital assets arriving in the marketplace."
The manager said that the banking license will be a gateway for Bitcoin license to provide structured products and by-products like swaps. It also plans to provide corporate banking services for blockchain-startups; however, it will be selective in choosing firms.
In preparation for the license moving ahead, Bitcoin Suisse has 45 million Swiss Franc ($45.7 million) with an unnamed local institution, as security for a default bank guarantee, securing client fiat deposits and fiat-crypto deposits. The amount is soon to be extended to 55 million francs ($55.8 million).