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Bitcoin Suisse applies for Swiss banking and securities dealer licenses

Swiss Flag.Max Pixel/Max Pixel

Wed, 17 Jul 2019, 07:06 am UTC

Bitcoin Suisse, a notable crypto broker in Switzerland and a member of the Crypto Valley Association, has announced that it has applied for banking and securities dealer licenses from the country's financial regulator.

This is an attempt to keep ahead of the regulatory game and take a more proactive stance to the changes that the crypto industry is going through.

In a press release, Bitcoin Suisse said that it has applied for a banking license from the Swiss Financial Markets Supervision Authority (FINMA) and a securities dealers’ license, regulated under the Stock Exchange and Securities Trading Act (SESTA).

The company said that these licenses would allow it to offer more regulated products and services to traders. What’s more, it would also allow it to adapt to the evolving regulatory landscape which is expected to see more and more crypto assets falling under securities and banking regulations.

The firm also provided some background details with regards to its growth and its potential expansion. Among the accomplishments it notes is “In the last two years, Bitcoin Suisse has grown to more than 90 experts with a unique combination of crypto-, IT-, banking-, legal-, risk- and compliance knowhow and experience.” The firm is also boasting about attracting more talents and adding more branches.

Bitcoin Suisse is not the only firm to go this route either, Cointelegraph reports. Many other brokers are hoping to acquire quite a bit more legitimacy by applying for licenses via the required institutions. This then allows them to prepare for a future with considerably more regulations.

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