Swiss crypto vault and broker Bitcoin Suisse applies for banking and securities license

posted 3 months ago
Bitcoin Suisse, a crypto-broker and pioneer of Switzerland’s “Crypto Valley,” has taken anticipatory steps to comply with a “maturing” regulatory environment, by applying for a banking license with Swiss Financial Markets Supervision Authority (FINMA), as well as a security dealer’s license, mandated by the Stock Exchange and Securities Trading Act.

A Suisse company representative said “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.” It’s worth noting, the firm’s subsidiary Swiss Crypto Vault AG provides custodial crypto storage for businesses, and as of June 2019, the vault oversees $1 billion in assets. Suisse’s net income this past year reached $25M.
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