Cryptocurrency exchange license in Switzerland

Switzerland, as a world leader in financial transactions, is rapidly reforming legislation taking into account the development of blockchain and cryptocurrency exchange. Back in 2014, the legal status of non-fiat currencies was recorded in a report by the country’s Federal Council – they were recognized as a digital expression of value that can be bought and sold through Internet channels. In essence, this is the recognition of cryptocurrencies by assets, which laid the foundations for the licensing of the sphere.

The first license for the exchange of cryptocurrencies was issued in the country in 2017 – the exchanger was assigned the status of a financial intermediary DSFI, which can serve qualified investors.

ICOs and crypto exchanges can be engaged in crowdfunding in Switzerland and work without going through lengthy expensive procedures. At the same time, the Swiss regulator FINMA warns of risks, controls the activities of firms engaged in operations with non-fiat funds, and fights against fraud and unauthorized business models.

Control over the legalization of the sphere is entrusted to the Supervisory Department for the financial market, amendments have been made to the Banking Regulations regarding the Fintech business. In 2018, the State Secretariat for International Finance joined the regulating bodies and created a working group cooperating with FINMA. Officials will not audit Swiss firms that have limited use of blockchain and exchange technologies, but even without a cryptocurrency license, exchanges must comply with general rules and regulations.

Rules for swiss exchangers

If a company needs a license to exchange cryptocurrencies, it is going to professionally engage in ICO, trade in cryptocurrencies in any form, it is necessary to register a business in the country and fulfill the requirements for:RULES FOR SWISS EXCHANGERS

    • anti-money laundering: legal entities accepting, storing and transferring deposit assets must comply with the relevant Swiss law – verification of the identity of the sender and recipient of funds, authentication;
    • countering terrorism – it is necessary to prove that all international CFT rules have been complied with;
    • ensuring the security of client funds and transactions – in accordance with European KYC standards;
    • taxation – non-fiat funds in the country are classified as foreign currencies, and, having received a license for a cryptocurrency, the exchanger becomes a tax payer on a general basis (capital gains are not subject to taxation);

The support of Diamont Law experts will help you go through bureaucratic procedures faster and with minimal hassle and legalize the cryptocurrency business in accordance with Swiss law.

 

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