Swiss blockchain companies allowed to accept deposits of $ 100 million
Swiss blockchain and cryptocurrency companies will soon be able to accept deposits of up to $ 100 million, while previously this right belonged exclusively to banks, writes TheNextWeb.
The Swiss Financial Market Supervisory Authority (FINMA) has promulgated strict rules for companies wishing to obtain a FinTech license and take advantage of it to manage large amounts of money held by their clients..
From January 1 of next year, such companies, in addition to banks, will be able to apply to the authorities to obtain the right to receive public funds in the amount of up to $ 100 million. The regulator’s rules determine what can be done with this money and what not. For example, they cannot be reinvested, and interest cannot be paid on them..
Interested cryptocurrency companies must provide FINMA with a number of supporting documents along with their application. In them, they should describe the direction of the business, geographic coverage and target audience. FINMA also requires full transparency of the board of directors, including addresses, education records, resumes, prosecutions, and even feedback from previous employers about their members..
It is also necessary to list all shareholders of such companies with direct and indirect participation in their capital from 5%. Foreigners are required to provide equivalent documents from their countries.
The issuance of a new license was made possible thanks to recent amendments to the law "About banking" Switzerland and aim to foster innovation in the blockchain and cryptocurrency sector.
FINMA unofficially signaled in November that the risk ratio for cryptocurrency investments should be 800%.
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