Swiss regulator first issued banking licenses to blockchain companies

The Swiss Financial Market Supervisory Authority (FINMA) has issued banking and securities trading licenses to two blockchain companies – SEBA Crypto and Sygnum.

The regulator said that for the first time it issues such licenses to companies specializing exclusively in the blockchain. Licenses will allow SEBA Crypto and Sygnum to provide services to institutional and professional clients.

FINMA today also released
a manual that states that existing anti-money laundering laws (AML) apply to payments made through the blockchain, because “the inherent anonymity of the technology poses increased risks”.

“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 only cryptocurrencies or tokens from such clients,” the regulator notes.

The manual also states, “that institutions under FINMA supervision are not allowed to receive tokens from clients of other institutions or send tokens to such clients.”

Switzerland has established one of the most friendly regulatory regimes when it comes to cryptocurrency and blockchain companies. Aximetria recently received a cryptocurrency investment application
VQF license recognized by the Swiss Financial Market Supervisory Authority. In addition, in July, Bitcoin Suisse filed
Application for a banking license at FINMA.