September 1 2019

Crypto Companies are getting Banking Licences 🥇🇨🇭

While traditional banks are reluctant to cooperate with cryptocurrency companies, these companies themselves are boldly moving into the banking sector.

Such crypto companies include the Swiss Sygnum, which recently received a banking license from the Swiss Financial Market Supervisory Authority (FINMA).🥇

Having the status of a Swiss bank, the company can now issue, store, trade and manage both fiat funds and digital assets. Along with traditional banking operations, the crypto company can provide depository services for Bitcoins (BTC) and Ether (ETH), as well as convert between two cryptocurrencies and Swiss francs, Euros, Singapore dollars and US dollars.

As a regulated bank, Sygnum will also be able to provide digital asset storage services, brokerage services and tokenization for accredited investors and institutions.Co-founders Mathias Imbach and Gerald Guo in an interview with Bloomberg said that they are now preparing a package of documents for a similar license in Singapore, since they consider the island state as a springboard for its advancement in Asia.🔍

Matias Imbach, who is also the CEO of Sygnum has added the next: “Over the past few months, we have been approached by many parties that own many cryptocurrencies and are looking for a fully regulated bank. One of their biggest tasks is to find banking specialists to connect them with the real world, pay taxes, pay their employees”

To implement its plans, the company received an investment of about 60 million Swiss Francs ($ 61 million), including investments from institutions such as Singapore Telecommunications Limited.🤔

Sygnum previously partnered with global market infrastructure provider Deutsche Borse Group and Swiss state-owned telecommunications company Swisscom to create a financial market infrastructure for digital assets.

Together with Sygnum, another cryptocurrency company, SEBA Crypto, received a Swiss Banking license from FINMA.

Switzerland, considered a cryptocurrency-friendly country, at the same time tightens the rules for working with virtual assets. In particular, FINMA published a new guidance document this week, which, inter alia, states:

Institutions under the supervision of FINMA are allowed to send cryptocurrencies or other tokens only to external wallets belonging to their own clients, whose identity has already been verified and they are allowed to receive cryptocurrencies or tokens only from such clients🔥

Thus, institutions under the supervision of FINMA are not allowed to receive tokens from clients of other institutions or send tokens to such clients.📝

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Posted 01.09.2019 by admin in category "Crypto World News