Bitcoin Suisse is the third crypto financial institution to ask FINMA for a banking license.
swissinfo.ch
Another financial institution has thrown its hat into the ring to become a future crypto bank in Switzerland. Bitcoin Suisse has applied for a license from the financial supervisor and is also seeking authorization to trade securities.
This content was published on
3 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
The Swiss banking landscape has experienced a dramatic thinning of numbers in recent years. The number of banks fell from 337 in 2005 to 248 in 2018, while last year saw five more banks disappear without trace. The arrival of crypto banks would provide a rare growth area for the industry.
Bitcoin SuisseExternal link said on Tuesday that it has joined SEBA and Sygnum in bidding for a banking license from the Swiss Financial Markets Supervisory Authority (FINMA). Each of the three companies is focusing on the crypto assets market, although the authorization they are seeking is no different from any other banking or securities dealer license.
More
More
Bitcoin Suisse’s Nikolajsen on the future of cryptocurrencies
This content was published on
In a live interview, Bitcoin Suisse founder Niklas Nikolajsen talks about why he got into cryptocurrencies and their future impact.
David Riegelnig, who is coordinating the license application, told swissinfo.ch that Bitcoin Suisse imagines itself as a smaller “category 5External link” player in the banking landscape. The company, formed in 2013, currently offers a range of services, including brokerage and storage, to cryptocurrency holders. It also issues a Swiss franc-backed stablecoin.
“A securities dealer license would enable us to trade crypto tokens that have been classified as securities by the financial regulator. This would include our own crypto franc product,” said Riegelnig. “And we anticipate more securitized digital assets arriving in the market place.”
A banking license would open the door to Bitcoin Suisse to offer structured products and derivatives such as swaps. It would also consider offering corporate banking services for blockchain start-ups, but says it would be selective in choosing firms.
No movement yet
FINMA has remained tight-lipped about when – and indeed if – it will grant such licenses. Some observers believe the financial supervisor will announce several license awards together to avoid giving any one company a competitive advantage.
Bitcoin Suisse is several months behind the applications of other budding banks that are starting from scratch. But the company believes its six-year track record of business growth will stand it in good stead. “We already have working anti-money laundering controls in place and have demonstrated prudent balance sheet management,” said Riegelnig.
The Zug-based company has 95 employees (also in Denmark and Liechtenstein) and achieved net revenues of CHF43.7 million ($44.4 million) last year. It plans to apply for a Liechtenstein banking license in future, having opened a branch there last year.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
Precious archaeological vases and coins returned to Italian museum
This content was published on
The Italian authorities have recovered over 2,500 precious ancient coins, vases and small sculptures that had been illegally dug up and sold in Switzerland, Eurojust announced on Monday.
PrimeEnergy Cleantech declared bankrupt by Swiss authorities
This content was published on
PrimeEnergy Cleantech has been officially declared bankrupt, the Swiss Official Gazette of Commerce (SOGC) reported on Monday.
This content was published on
The consumption of antibiotics has risen in Switzerland since the Covid-19 pandemic. However, compared to other European countries the Alpine country has one of the lowest levels of antibiotic usage.
Swiss financial watchdog foresees greater uncertainty due to geopolitics
This content was published on
The Swiss financial sector will face greater uncertainty due to the numerous geopolitical conflicts around the world, warns the Swiss Financial Market Supervisory Authority (FINMA).
Swiss museums to mark centenary of death of painter Félix Vallotton
This content was published on
Swiss museums will celebrate the centenary of the death of the artist Félix Vallotton (1865-1925) next year. A major retrospective is planned in Lausanne, his birthplace, in autumn.
Russian mission installs more ‘spy’ antennas in Geneva, Swiss TV report claims
This content was published on
Russian spies are strengthening their presence in Geneva, according to a report by Swiss public television, RTS. Russian officials have placed new satellite dishes on their diplomatic buildings without authorisation.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss mortgages and bank profits rise as jobs scale down
This content was published on
The SNBExternal link’s “Banks in SwitzerlandExternal link” annual report shows combined Swiss and foreign mortgage loans hitting CHF1 trillion in July 2018External link, and the same landmark being breached for purely domestic loans in November. Total mortgages had increased by CHF35.5 billion (or 3.6%) by the end of last year. The rise was fuelled by…
‘Mature’ Swiss crypto industry demands banking access
This content was published on
Representatives from Switzerland’s crypto and blockchain sector say it has matured into a viable industry that demands to be taken seriously by banks.
This content was published on
The uptick in company registrations in the blockchain industry bucked the trend of slightly fewer start-ups setting up shop across all sectors in Switzerland last year. Switzerland has built a reputation as a global hub for the blockchain industry. Much activity is based around the Crypto Valley of canton Zug and in the Zurich financial…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.