The Swiss authorities have bitcoin ATM green light network
The Swiss financial supervision department to ATM operators SBEX licenses, allowing it to place ATM network equipment in switzerland. But two weeks before the relevant departments to stop the implementation of another ATM operator.
Over regulatory barriers
SBEX is an installation of ATM company in Geneva, now you can safely deploy a ATM machine, because it has been a non-profit Swiss financial market supervisory authority’s acceptance.
This non-profit organization called ARIF in Switzerland, it is considered a self body (OAR). Now, with this qualification, SBEX successfully apply to a remittance permit, so in the relevant laws and regulations under the supervision of the impunity of the placement of the ATM network.
CoinDesk received a letter to SBEX ARIF backup, dated June 17th, it states regulators stand on ATM operators.
According to the letter said, the operator must join a self-discipline organization (OAR), but no need to obtain bank license, it reiterated that bitcoin is a payment way in Switzerland, not a commodity or service. SBEX co-founder Mathieu Buffenoir said: “we finally got the ARIF license, it asks FINMA about how they should treat our problem, ARIF’s clarification is what we expect.”
The cancellation of the ATM placement
Two weeks ago, a company called Bitcoin Suisse AG bitcoin ATM operating company was halted in Zurich for ATM, claiming that FINMA required to suspend the placement before to clarify the legal issues. This revealed the Swiss regulators bitcoin ATM to exert pressure.
However, Buffenoir believes that the installation of a separate bitcoin ATM and no special policy difficult, and this is not the management scope of FINMA, the people from February when Geneva installed a machine.
But some additional restrictions, Buffenoir said, such as a limit of 2 million a year, he said: “I really don’t know why Bitcoin Suisse AG there will be so many rumors, they may be self hype or they want faster progress.”
Switzerland bitcoin association president Luzius Meisser said the regulations to clarify the bitcoin community expectations are consistent, said this is the most reasonable explanation of Swiss law. He explained why Bitcoin Suisse was stopped:
“I think SBEX has made management authority for approval before the operation, this is the Bitcoin Suisse before doing so, SBEX has been the first identity.” Bitcoin Suisse CEO Niklas Nikolasjen said his company is making the relevant license, ATM said, the media too much emphasis on the IT company was halted this matter, they have been trying to strive for the relevant license. “Now for everyone in the industry are clear, regulators need to engage in bitcoin related business license, BTCS will comply with this requirement.” He said.
Now SBEX cleared the regulatory barriers, Buffenoir said that his company plans to set up an online agent, and to install 9 sets of ATM.Buffenoir SBEX has been under the ATM production orders to the Canadian start-up company BitAccess before the end of this year. In addition, SBEX joined the self-discipline organization lobbying body of the Swiss government departments to create a virtual currency (OAR), made clear the legal framework from FINMA, the Bitcoin Suisse and Ethereum have joined the organization, Buffenoir said. Bitcoin community as a whole on the Swiss Confederation Committee, because it will issue a comprehensive report on the impact of the national finance bitcoin later this year.
Swiss lawmakers first act, in December last year, acknowledged that bitcoin is a foreign currency.