The Swiss awarded the first bitcoin exchange licence
Swiss FINMA SBEX awarded the exchange’s first bitcoin trading license, that bitcoin is a means of payment.
In Switzerland to accept bitcoin ATM, again bitcoin exchange with open arms, or virtual currency will become the pillar industry of the Swiss financial coveted.
Switzerland, a traditional banking financial institutions is very safe seat, is also the world’s high net worth investors secret wealth haven, has taken a somewhat unorthodox steps, accept the virtual currency as a means of payment.
SBEX, a Swiss bitcoin exchange for national regulators has been authorized FINMA.
SBEX founder and CEO Alexis Russell said last week, SBEX has been approved by the Swiss financial regulators, “opened up a crypto currency a fantastic opportunity in Switzerland, to establish a clear regulatory environment in this area.”
Mr. Russell is vice president of the Swiss Bitcoin association.
A bitcoin exchange regulated by the FINMA marks the milepost virtual currency has gone through a long road of legalization. And positive towards mitigating consumer protection concerns take a big step, which in Mentougou earlier this year (MTGOX) after the end, be continued to haunt the aspirations of many people. In this case, the vast majority of investors are unable to seek their lost bitcoin recourse.
In addition, with the Swiss Phnom Penh reputation, which is to ensure that only the most reputable company operating within its borders, the arrival of SBEX can contribute to the removal of bitcoin is negative meaning such anonymous illegal market transactions through the silk road. Last year, the U.S. government has seized some (seized from the Silk Road) bitcoin.
In the FINMA before approval for a period of time, the Swiss authorities have 13 million units that bitcoin has been unregulated circulation. On this basis, regulatory approval is always welcome progress.
At the end of last year, the ruling Socialist Party of Switzerland, Christoph Schwab, called for the establishment of a federal committee, with a new unit of currency to assess this economic risk. The federal committee is preparing a report on Bitcoin, the report will be released at the end of this year.
One of the most favorable and the FINRA’s ruling and potential changes in the market factors, bitcoin has become recognized as a means of payment in switzerland.
“Two key points of authorization from the FINMA is bitcoin payment is now regarded as a means of payment (treated as a payment (deposit bitcoins) bitcoin deposit) is considered to be the bank,” Alexis Russell said.
At present, the direct sale of bitcoin trading platform for SBEX, such as by providing foreign exchange trading platform. “We are completing the online trading function, CEO of the company said. Now with our operators through phone orders, and provide liquidity through its suppliers in the international market. “Alexis Russell said.
It is worth noting that now (investors) is very likely to go to Switzerland to buy bitcoin exchange. In the near future, SBEX will become an advanced virtual currency trading platform Bitcoin, which can be according to the standard of foreign exchange transactions on the internet. At present, SBEX is launching a website: www.fastcoin.ch, which will be put into operation in the next few days, to allow individuals to buy bitcoin online.
As for the Swiss bank bitcoin deposit, FINMA legal framework has been put in place. However, “from a technical point of view, Alexis Russell,” the existing bank is not capable of holding such deposits. “If a new mechanism for bitcoin exists, it can apply for a banking licence to accept bitcoin deposits, with traditional banks to accept legal tender in exactly the same way to accept bitcoin. “This is a huge step forward,” said Russell Alexis.
The agency is affiliated to the association of German romand intermediary financier (ARIF), which makes it by the Swiss Anti Money Laundering Law (AMLF) management. SBEX is part of DigiCapital holdings, headquartered in Neuchatel, relying on private funds holding company.
In addition to the network platform, the Swiss will likely exchange money through Bitcoin and ATM terminal everywhere. In order to promote this work, SBEX has been with the Canada Company BitAccess, a prominent Bitcoin ATM supplier, extensive ATM network deployed around switzerland. The machine is used for electronic wallet and exchange instant cash equivalent with bitcoin, or performs the inverse operation to bitcoin converted into local currency. The first 10 ATMs have been sent to the United States from canada. The first bitcoin ATM is installed in Geneva earlier this year at a restaurant, attracted a large number of individuals and financial institutions attention.
For BitAccess, this partnership is a key step, because we want to in the heart of Europe to establish a presence in Switzerland is essential proximity to major financial institutions”. Moe Adham, co-founder of BitAccess.
Alexis Russell claimed that the law student learning encoding electronic contract, so it shows that the Bitcoin encoding may become the mainstream of the future. According to him, the Swiss bank or government departments is not because the interests and popularity of trying to hit bitcoin, but through the establishment of a regulatory framework to better participate in. “History shows that once the massive popularity of people to accept, it is difficult to stop the machine” he concluded.