Switzerland’s FINMA FinTech License Helps Blockchain Firms To Accept Up To 100 Million Swiss Francs
FINMA License Enables Non-Banks To Accept 100 Million CHF
The Swiss Financial Market Supervisory Authority (FINMA) is Switzerland’s financial regulator and it is looking to now offer blockchain firms fintech licenses.
The license will allow holders to accept 100 million Swiss Franks from the public, so long as the funds are not invested or has interest paid upon in. Those who are interested in the license must provide FINMA with the following information:
- Business description, including information on proposed activities, geographic scope, customers, and staff
- Business and financing plan with both a positive and negative outlook for the coming three years
- Information how customer funds are stored
- Any conflicts of interest
- Parties that have direct or indirect holdings of five percent or over
The interested platforms must reach out to FINMA on their own and all of their projects must be cleared by the authority as well. The project’s participants must also be cleared and information on them should be provides, which includes their identity, address, criminal record, and any legal proceedings. As for platforms, there are minimum capital requirements and they must agree to a financial audit in the event that they would like to reapply for the license at some point.