Swiss Financial Market Supervisory Authority (FINMA) has posted new guidelines for local blockchain and crypto companies for new licensing under which they will be able to accept deposits up to CHF 100 million ($100 million) as the traditional banking institutions. This step seems to make the blockchain sector closer to its legal status.
According to the released statement, the new rules will come into force on January 1 2019.
"The FinTech licence allows institutions to accept public deposits of up to CHF 100 million, provided that these are not invested and no interest is paid on them... " reads the document.
Notably, as the regulator noted, the new license requirement is official business registration in Switzerland.
The companies that want to pass licensing must provide the required documents including "detailed description of business activities and processes...business plan including budget ", business geography and target market. Moreover, the regulator requires full information about the company management – addresses, CVs, education and other records of board members. Along with these documents, shareholders with over 5% stake in the company also must be indicated in the application.
For reference, Switzerland stands for innovations and supports the development of the blockchain and cryptocurrency technologies. For that purpose, there were made amendments to the existing Banking Act, which actually enabled the new licenses for this market.