Switzerland crypto regulation

One of the best places to register a cryptocurrency exchange or firm is Switzerland. Due of the cheap taxes compared to other cantons in this country, Crypto Valley is a location worth taking into consideration. Switzerland crypto regulation from FINMA is necessary to offer virtual asset-related services. The exchange/company must undertake an enhanced thorough audit of CFT and AML (anti-money laundering) as a necessary condition for receiving it (anti-financial fraud). Regarding AMLA, strict KYC (Know Your Client) procedures must be followed (Anti-Money Laundering Act)Regulators from all around the world are now looking closely at the Bitcoin, which was developed as a spontaneous and unregulated substitute for national currencies. Most nations accept the requirements for operating cryptocurrency markets, but the biggest changes are still to come.

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The main features of Switzerland crypto regulation

The federal financial markets supervisory body (FINMA) in Switzerland regulates crypto licenses by regularly publishing guides in a specific area of the cryptocurrency industry.

The importance of Switzerland cryptocurrency regulation

In line with current law, every person should have access to digital (virtual) assets, which would foster greater economic independence. To create new crypto standards, the industry needs collaborate with political organizations and regulatory bodies. Effective regulation fosters innovation and guarantees user safety. The issued tokens are divided into three groups by FINMA in order to control this activity: Payment: another word for cryptocurrencies (customarily, the service provider must have a financial intermediary license). Tokens created, for instance, to grant digital access to a service or application (often, no licensing restrictions apply, but in some circumstances, such tokens may be classed as securities). Asset tokens serve a similar purpose as shares and bonds (typically they are licensed to trade in securities).

Procedure of obtaining a crypto license in Switzerland