Brief Introduction to SwitzerlandFINMALicense application requirements

SwitzerlandFINAMALicense issued by the Swiss Financial Supervisory Authority(FINMA)The Swiss government has always maintained an open attitude towards digital currencies.

Switzerland has always been open-minded towards digital currencies,FINMAEven expressed hope for supportICOThe market has driven the development of new blockchain technology and issued a series of guiding principles aimed at letting enterprises know how to comply with anti money laundering and securities regulations.2018At the beginning of the year, led by financial shareholding experts from Switzerland, Britain, Australia, Germany and TürkiyeALLCCTCCoin Heart Network is a digital currency financial exchange established with the support of Swiss banks.

SwitzerlandFINMAlicense plateThe supervision of digital currencies is mainly aimed at prohibiting money laundering, therefore, the focus of supervision is on digital currencies used in the transfer industry.

SwitzerlandFINMALicense application:

According to relevant regulations, companies applying for a digital currency license must be local Swiss companies. Therefore, the first step in applying for a license is to establish a company in Switzerland. In addition, it is also necessary to meet the following requirements:

1The company should have two directors who are Swiss residents;

2The registration category of the company isSA/AG/PLC；

3、10A deposit of ten thousand francs, of which5Ten thousand Swiss francs will be frozen upon company registration and unfrozen upon completion of company registration. The company needs to maintain a minimum10A deposit of ten thousand Swiss francs in the account;

4Relevant information about the registrant needs to be submitted.

According to regulations, after establishing a company, it is necessary to open a Swiss corporate account, rent a Swiss office, hire Swiss employees, and then submit relevant license application documents. At the time of total application, the approximate growth rate is7-10Months.

After obtaining the license, the business scope that Swiss digital currency companies can operate includes:

1The company can provide services for digital currency transactions, digital currency libraries, and digital wallets; Secondly, the following other services can be provided:

2Conduct credit transactions(Related to consumer loans or mortgages, factoring, commercial financing, or financial leasing)；

3Provide services related to payment transactions, make electronic transfers in the name of others, or issue or manage payment methods such as credit cards and traveler's checks;

4Trading in the client's own name, or using currency or money market instrumentsforeign exchangePrecious metals, commodities, securities(Stocks, Stocks, Value Rights)The trading method of its derivatives;

5Asset management;

6Holding or managing securities;

7Provide investment advice.

FINMAto2017year10The first regulatory license was issued in January for a Bitcoin companyMoving Media。 The company is a direct sub financial intermediary registered in Switzerland（DSFI）Obtaining a compliance license means that the company strictly adheres toAMLandKYCregulations.

SwitzerlandFINMAThat's all for a brief introduction to the license plate. If you want to learn more, please feel free to consult - Xiaochun