The Swiss Financial Market Supervision Authority (FINMA) has officially announced the introduction of a new Fintech license, amended by the Banking Act. As reported, its implementation means weakening the requirements of the regulator, aimed at the development of innovation and competition in the financial market of the country.
In particular, the fintech-license will allow blockchain – and cryptocurrency companies registered and operating in the country – to accept deposits of up to 100 million Swiss francs – if these funds are not intended for reinvestment or interest payments.
According to the management of obtaining such a license, together with the application for its issuance, companies must submit a package of documents: describe their activities, its geography and target audience, disclose data on offices, employees, shareholders owning over 5% of capital, and members of the board of directors, information about their education, address of place of residence, conviction, feedback from other places of work, etc.
Recall that a month ago, FINMA ordered cryptocurrency banks to apply an eightfold risk assessment to market value when calculating capital reserves.
In October, FINMA issued Crypto Fund , a subsidiary of Crypto Finance AG, the first national license to manage cryptocurrency assets.
